Platinum has been catching a lot of attention lately as its price shows signs of a strong upward trend heading into 2025. After some ups and downs in recent years, the metal is now riding a wave of optimism fueled by supply shortages and growing demand, especially from China.
The price started 2024 around $1,005 per ounce but dipped slightly during the year. However, forecasts suggest that platinum will bounce back to about $1,000 by the end of 2024 and then climb steadily through 2025. By mid-2025, prices are expected to reach around $1,400 per ounce and could hit $1,500 by mid-2026. This represents an increase of roughly 18% from current levels within just one year[2].
One key reason for this bullish outlook is the ongoing supply deficit in the platinum market. Mining output has been declining—particularly in South Africa—and recycling rates have dropped too. The World Platinum Investment Council predicts that total supply will shrink by about 4% this year to its lowest level in five years. At the same time, above-ground stocks are shrinking sharply; they might fall by as much as 25%, leaving less than four months’ worth of global demand available from reserves[5].
On the demand side, Chinese investors are playing an increasingly important role. In April 2025 alone, China imported a record amount of platinum—about 10 metric tons—which was nearly half again more than March’s imports. This surge reflects growing interest in platinum bars and jewelry as alternatives to gold amid high gold prices[5]. Additionally, industrial demand remains strong due to platinum’s use in hybrid vehicle catalytic converters.
Technically speaking on price movements: despite some short-term weakness recently seen around support levels near $1,225 per ounce, analysts remain confident that this uptrend will continue toward breaking resistance at approximately $1,333[1]. If momentum holds steady or improves with positive market sentiment building up further buying pressure could push prices even higher.
Looking beyond next year into longer-term projections paints an even more optimistic picture for platinum holders or potential buyers: over five years starting now through around 2030-2031 prices may more than double from today’s values — climbing past $2,800 per ounce — thanks largely to persistent structural deficits combined with rising industrial usage and investment appeal[2].
In summary (without summarizing), all signs point toward continued strength for platinum pricing through at least mid-2026 with solid fundamentals underpinning this rally: tightening supplies worldwide paired with surging Chinese demand create conditions ripe for sustained gains rather than just short bursts upward.
Whether you’re watching closely as an investor or simply curious about precious metals markets—the story unfolding around platinum suggests it won’t be fading quietly anytime soon but instead could shine brighter throughout this decade ahead.