Platinum prices hit records

At the beginning of September, platinum continues to strengthen its position on the global market. Quotes have risen by more than 50% since the start of the year and are holding above $1,380 per ounce. Both investors and analysts agree that the price rally is driven not only by short-term technical swings but also by fundamental shifts in the world economy.

Reasons for steady growth

Platinum remains a scarce resource: the bulk of global output comes from South Africa, where the industry faces persistent power shortages and production disruptions. This reduces supply on a global scale, inevitably pushing the price higher.

Another driver is growing demand from the automotive and technology sectors. The metal is used in catalytic converters and in the development of eco-friendly solutions, which steadily increases its relevance. Key drivers of platinum price growth:

• limited supply due to lower production;
• rising investment demand under inflationary pressure;
• stronger industrial consumption, especially in the auto sector.

Taken together, these factors create a solid foundation for an upward trend. The supply deficit restricts the chance of price declines, while the expanding role of platinum in green technologies secures long-term demand. This makes the metal noticeably more resilient compared with other industrial commodities.

Impact of the global economy

The broader context should not be overlooked. A softer dollar and expectations of looser monetary policy in the US make platinum an attractive alternative to other assets. At the same time, growing geopolitical risks are encouraging investors to diversify portfolios toward precious metals.

Market reaction largely depends on short-term technical thresholds. Holding support near $1,380 may trigger a fresh upward move toward $1,450 and beyond. Factors shaping the medium-term outlook:

• price dynamics of gold and silver;
• decisions of major central banks;
• geopolitical tensions;
• inflation expectations;
• stock market performance.

Each of these elements can not only adjust short-term pricing but also reshape investor strategies regarding platinum. For example, stronger inflation risks typically stimulate demand for safe-haven assets, while geopolitical instability can spark renewed interest in precious metals even if industrial demand softens.

What’s next?

At this stage, platinum demonstrates a rare balance: it is in demand both as an industrial metal and as an investment asset. If it manages to consolidate above key levels, prices still have room to rise further, especially as supply constraints persist.

Nevertheless, investors should keep risks in mind. The precious metals market is sensitive to global changes — from decisions by the Federal Reserve to swings in commodity-linked currencies. In the coming months, noticeable volatility is possible, yet the overall trajectory remains upward, with platinum firmly establishing itself among the most promising assets of 2025.