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Platinum Price Trend and Forecast

UNSPC code: 12141700
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âźł Weekly Update
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Historical Data Since 2015
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Forecast for 2026
  • Commodity Pricing

platinum Price Trends by Country

usUnited States

Global platinum Spot Market Prices, Trend Analysis and Forecast

Price-Watch’s most active coverage of Platinum price assessment:

  • Purity 99.95% Weekly Closing Spot Price, Global

Platinum Price Trend Q3 2025

In the third quarter of 2025, the worldwide platinum market saw a significant price rebound, up 30% as compared to the second quarter of 2025. The price increases took place due to a combination of supply tightening and demand increases in key utilization sectors. South African production of platinum, accounting for the largest share of global supply, has been impeded by worker strikers in the mines and ongoing power shortages, constraining production.

Meanwhile, automotive demand had a strong rebound, particularly for hybrid and hydrogen fuel cell vehicles encompassing platinum in their catalytic and fuel cell technologies. Investment demand also increased sharply as investors turn to safe-haven assets amid increasing geopolitical tensions and global economic uncertainty. Lastly, increased regulatory environmental standards in Asia and Europe also contributed to an increasing industrial demand for Platinum.

Global Platinum (XPT/USD)

According to PriceWatch, In Q3 2025, platinum exhibited strong bullish price action, reflecting a substantial recovery in global markets. Platinum prices rose by roughly 30% from Q2, benefiting from tightening supply, an increase in automotive demand, and renewed investor interest amid inflationary pressures. In September 2025, the prices have raised by about 7%, reflecting sustained bullish sentiment, as supply to important mining areas continued to be disrupted due to labor strikes and logistical challenges.

Demand-side support continued to emanate from the green energy transition in hydrogen fuel cell technologies, which, in turn, contributed to the price appreciation. Investor sentiment has been further supported by central banks signaling dovish monetary policy, which provided a basis to shift to safe-haven assets.

Platinum Price Trend Analysis: Q2 2025

According to the PriceWatch, Platinum prices experienced a notable increase in Q2 2025, rising to $1061 per ounce with a 7.50% rise. This upward trend can be attributed to a combination of tightening supply and growing demand. On the supply side, disruptions in major mining regions, particularly in South Africa due to labor strikes and persistent power outages, have significantly reduced output.

Meanwhile, demand has surged, especially from the automotive sector where platinum is a key component of catalytic converters. Additionally, growing interest in hydrogen fuel cell technology, which relies heavily on platinum, has further boosted industrial consumption. 

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. 

Platinum Price Trend Analysis: 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. 

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. 

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. 

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. 

Technical Specifications of Platinum Price Trends

Product Description:

Platinum (XPT/USD) 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.

Identifiers and Classification:

  • CAS No – 7440-06-4
  • HS Code: 711011


Platinum Grades Specific Price Assessment:

  • Purity: 99.95%


Platinum Global Trade and Shipment Terms

  • Quotation Terms (Product & Country Specific): 1–5 oz
  • Packaging Type (Product & Country Specific): Vaccum-sealed plastic


Incoterms Reference in Platinum Reporting

Shipping Term  Location  Definition 
Weekly Spot Price   Global  Platinum Spot Price (XPT/USD) 

*Quotation Terms refers to the quantity range specified for the Platinum being quoted or offered in a commercial transaction.

**Packaging Type refers to standard packaging size commonly used for Platinum packing, ease of handling, transportation, and storage in industrial and commercial applications.

Key Platinum Manufacturers

Manufacturer 
Valterra Platinum 
SibanyeStillwater 
Norilsk Nickel 
Lonmin 

Platinum Industrial Applications

Platinum market share end use

Historically, several events have caused significant fluctuations in Platinum prices

  • 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. 

Why PriceWatch?

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.

In addition, PriceWatch provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With PriceWatch, you gain a competitive edge in understanding all the elements that influence platinum prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely platinum market data.

Track PriceWatch's platinum price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.

Data Collection and Sources​

  • Real-Time Market Data: Sourced from NYMEX, LME, and proprietary trading platforms. 
  • Market Intelligence: Aggregated from PGM traders, refineries, automakers, and financial analysts. 
  • Supply Chain Monitoring: Covers South Africa (Anglo American Platinum, Impala Platinum), Russia, Zimbabwe, and Canada.

Event Tracking and Impact Analysis​

  • Geopolitical Factors: Includes mining regulations, strikes, and disruptions in key producing countries. 
  • Macroeconomic Trends: Analyzes global manufacturing trends, diesel vehicle sales, interest rates, and monetary policy shifts.

Production Capacity and Supply Analysis

  • Mining and Refining: Emphasis on output disruptions, power supply issues, and labor unrest. 

Demand Forecasting

  • Industrial Demand: Tracked across automotive (diesel engines), jewelry, chemical processing, and fuel cell tech. 
  • Substitution Trends: Focus on shifts in PGM usage between platinum, palladium, and rhodium. 

Pricing Model Development

  • Econometric Models: Utilize regression and volatility-adjusted models incorporating currency strength, market positioning, and macro risk. 
  • Scenario Testing: Models demand surges (e.g., hydrogen economy growth), supply shocks, and financial risk events. 

Reporting and Client Support

  • Weekly & Monthly Reports: Include global mine updates, demand forecasts, and regulatory outlooks. 
  • Expert Consultations: Custom briefings on investment, procurement strategy, and hedging for institutional clients. 

Platinum Market Price Trend provided by PriceWatch is a base price and excludes VAT/Taxes, discounts, or offers. The information herein is accurate to the best of our knowledge as of the date indicated and is provided solely for the convenience of our customers as a reference for platinum. PriceWatch disclaims any warranties or representations regarding the accuracy of results derived from this information. It is the sole responsibility of the user to assess the suitability of the product for their specific application. This document does not constitute an endorsement to use the product in violation of any applicable patent rights.

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.

Access Real-Time Platinum Price Trends