United StatesQ1 2025
In Q1 2025, platinum prices rose by 1.07% to settle at $987 per ounce (Spot Price Weekly Closing). This modest gain reflected improving industrial demand, particularly from the automotive sector, where substitution of palladium with platinum continued. A slightly weaker U.S. dollar and optimism around future hydrogen fuel cell applications also contributed to sentiment. However, long-term concerns around EV adoption and the global economic slowdown tempered the rally.
Q4 2024
Platinum prices saw a slight decline of 0.23% in Q4 2024, ending the quarter at $977 per ounce (Spot Price Weekly Closing). Market sentiment was mixed, as jewelry demand showed modest holiday-season resilience, but weak economic data from China and Europe kept industrial demand subdued. Although mining disruptions in South Africa intermittently constrained supply, the effects were largely priced in by year-end. Investor participation remained cautious.
Q3 2024
Prices slipped in Q3 2024, with platinum registering a 2.10% decline to $980 per ounce (Spot Price Weekly Closing). This dip was due to seasonal softening in demand and currency headwinds, as the U.S. dollar strengthened. Auto sector demand plateaued, and investors rotated into other metals amid uncertain macroeconomic indicators. Though platinum retained cost advantages over palladium, the absence of fresh industrial drivers limited upside movement.
Q2 2024
Platinum rebounded strongly in Q2 2024, rising 9.00% to $1,000 per ounce (Spot Price Weekly Closing). The price surge was driven by increased industrial restocking, renewed investment inflows, and expectations of supply tightening. With palladium prices under pressure and manufacturers continuing to substitute platinum in catalytic converters, demand momentum picked up. South African supply risks—including power constraints and labor disruptions—also fueled bullish sentiment.
Q1 2024
Platinum prices edged lower in Q1 2024, falling by 1.30% to close at $918 per ounce (Spot Price Weekly Closing). This decline was primarily attributed to subdued demand from the automotive and jewelry sectors, amid continued market uncertainty and economic stagnation in key regions like Europe and China. Additionally, higher interest rates and a strong U.S. dollar pressured precious metal prices broadly, with platinum facing particular strain from weak diesel vehicle sales in Western markets.
Molecular Weight[g/mol]
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HS Code
Molecular Formula
Platinum is a rare precious metal extensively used in industrial applications, particularly diesel engine catalytic converters, chemical processing, and hydrogen fuel technologies. It also serves as a key component in jewelry and investment products.
Packaging Type
Grades Covered
Incoterms Used
Synonym
PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
Applications
Russia-Ukraine Conflict (2022):
While Russia is not the dominant global supplier of platinum, the conflict created spillover effects on PGM markets. Increased attention to supply diversification and risk mitigation helped drive interest in South African and North American output, supporting prices during volatile periods.
COVID-19 Pandemic (2020–2021):
The pandemic disrupted supply chains and curbed demand, leading to price volatility. However, platinum benefited in late 2020 and early 2021 from a rebound in auto production and speculative interest in green technologies like hydrogen fuel cells.
Global Financial Crisis (2008–2009):
Platinum prices plunged amid a collapse in auto production and industrial output but rebounded gradually with stimulus packages and automotive recovery, particularly in diesel-heavy European markets.
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PriceWatch is your trusted resource for tracking global platinum price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the platinum market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.
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Molecular Weight[g/mol]
CAS No
HS Code
Molecular Formula
Platinum is a rare precious metal extensively used in industrial applications, particularly diesel engine catalytic converters, chemical processing, and hydrogen fuel technologies. It also serves as a key component in jewelry and investment products.
Packaging Type
Grades Covered
Incoterms Used
Synonym
PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
Applications
Industrial demand (especially in automotive and chemical sectors)
Jewelry consumption trends
Supply constraints in South Africa and Russia
Geopolitical risks, currency fluctuations, and investment flows
Platinum is used in catalytic converters for diesel engines and is increasingly considered as a substitute for palladium in gasoline engines due to cost advantages and similar catalytic properties.
Use PriceWatch’s live dashboards, weekly reports, and market forecasts to monitor platinum prices, historical trends, and relevant industrial developments.
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