Gold 
“Platinum prices tumbled alongside other markets in the first week of April in response to the reciprocal tariff announcements. The auto industry is one of the worst hit industries with a 25% tariff imposed on cars and parts that are imported into the United States. There was some relief for the industry when Trump signed an executive order, which prevents the stacking of multiple duties on a single item in the auto industry. For example, until the order was signed, an item could have been charged with the 25% tariff on imported parts as well as the 25% tariff on steel and aluminum. Now only one of the two tariffs will be charged. While this is an improvement from what could have been a complete disaster for the auto industry, the 25% tariffs still are high and could depress demand, which would be bad for platinum fabrication demand.
The commercial vehicle market is particularly important to platinum fabrication demand from the auto sector and the ongoing uncertainty around tariffs has resulted in many businesses pulling back on capital expenditures. During the first quarter of 2025, U.S. commercial vehicle demand was down 6.6% from the corresponding period in 2024.”
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