Platinum prices have been on an interesting journey lately, sparking questions about whether $1,700 per ounce could soon become the new standard. The metal’s price movements are influenced by a mix of supply shortages and growing demand, especially from China.
In 2025, platinum has already seen a strong rally. Prices surged over 20% year-to-date, reaching levels not seen in two years. This rise is largely due to ongoing supply deficits—the market is facing its third straight year where demand outpaces supply. Mining output in key regions like South Africa has dropped, and recycling rates have declined as well. These factors combined mean less platinum is available overall.
The World Platinum Investment Council projects a significant deficit of nearly 850,000 ounces for this year alone. At the same time, above-ground stockpiles are shrinking sharply—down about 25%—leaving only enough platinum to cover less than four months of global demand at current consumption rates.
On the other side of the equation is demand. Chinese investors have been particularly active buyers recently. In April 2025 alone, imports jumped by almost half compared to March levels as more people bought platinum bars, coins, and jewelry seeking alternatives to gold amid its high prices.
Looking ahead beyond this immediate surge in interest and shortage-driven price gains: forecasts suggest that platinum could continue climbing steadily over the next few years. Some predictions see it hitting around $1,400 by mid-2025 and then moving toward $1,500 or higher by mid-2026.
More ambitious outlooks even envision platinum breaking past $2,800 within five years or potentially soaring above $4,000 sometime between 2030 and 2035 if current trends persist with tightening supplies and rising industrial plus investment demands.
So will $1,700 become the new benchmark? Given how tight supplies remain alongside accelerating buying pressure—especially from large markets like China—it’s quite plausible that prices will push through that level sooner rather than later on their way upward toward even loftier targets set for later this decade.
In short: Platinum’s future looks bright with strong fundamentals supporting higher prices driven by persistent scarcity paired with growing appetite among investors worldwide looking beyond traditional safe havens like gold or silver.