---
title: "Platinum Price Outlook for January 2024: Market Insights"
site: "Monex Precious Metals"
domain: "https://www.monex.com/"
type: "Post"
description: "Explore expert predictions for platinum prices in January 2024, with factors influencing trends and forecasts."
last_updated: "May 27, 2025"
canonical_url: "https://www.monex.com/platinum-price-outlook-january-2024/"
markdown_url: "https://www.monex.com/platinum-price-outlook-january-2024.md"
---

# Platinum Price Outlook – January 2024

“Platinum Price Outlook

Platinum prices are forecast to fall slightly on an annual average basis during 2024. Prices are projected to average $962.40 during 2024, down 0.9% from 2023 levels. While prices are expected to fall on an annual basis, they are expected to rise from the end of 2023 to the end of 2024.

While some aspects of platinum fabrication demand will remain supportive of platinum prices, much of the support for platinum this year is likely to come from the supply side. The use of platinum in place of palladium in gasoline auto catalysts is expected to remain the main supportive factor for platinum fabrication demand this year. Commercial vehicle demand is likely to face headwinds if projections for weaker global economic growth during 2024 materialize, however, offsetting any positive demand effect for platinum.

On the supply side, most South African mines are presently financially underwater due to the weakness in the platinum group metal (PGM) basket price over the past year. This is expected to, at least initially, result in some of the higher cost production going offline. Labor cuts have been announced by some mining companies and others are planning such cuts. Elections in South Africa could prevent further cuts, but this will compound the pain for South African mining companies, possibly resulting in more labor and production cuts in the future. Expectations of future cuts in output should provide some support to the PGMs. Additionally, the electricity shortage issue in South Africa remains unresolved and the ongoing risk of losing electricity supply should continue to provide support to platinum prices.

Platinum, like several other assets, is expected to undergo some correction in the near term, following the sharp run up in prices during the fourth quarter of 2023. As markets recalibrate their rate expectations from those of around 150 basis points (bps) in cuts to those that are closer in line with the 75 bps that the Fed is considering, platinum prices are likely to be under pressure. While some of this correction has already occurred, a decline toward $900 still is possible in the near term. Given that this is a seasonally strong period for prices, platinum may not decline much further than that during the first quarter of this year. But if it does break $900 forcefully a slide to around $880 cannot be ruled out.”