Why Analysts Are Bullish on Platinum
Platinum prices have been climbing fast lately, hitting 1,974.30 USD per troy ounce on December 18, 2025, up 2.40 percent from the day before. Over the past month alone, the price jumped 27.08 percent, and compared to last year at this time, it is up a whopping 114.18 percent (https://tradingeconomics.com/commodity/platinum). Even with a small dip to 1,932.70 USD per troy ounce on December 19, down just 0.89 percent, the overall trend points upward, and experts see more gains ahead.
One big reason for the optimism is tight supply. South Africa, which produces the most platinum in the world, has mines putting out less than expected. This creates shortages that push prices higher. The World Platinum Investment Council predicts a supply deficit of 69,200 ounces in 2025. That would be the third year in a row with less platinum available than needed (https://tradingeconomics.com/commodity/platinum). Things might even out in 2026 with a small surplus of about 20,000 ounces, but for now, the lack of supply keeps buyers eager.
Lower interest rates are helping too. Comments from Fed Governor Christopher Waller, who could become the next chair of the U.S. central bank, sparked a rally. He said U.S. borrowing costs might drop by as much as one percentage point if the job market weakens. Cheaper money makes precious metals like platinum more attractive to investors (https://tradingeconomics.com/commodity/platinum).
Platinum has a history of strong highs too. It once reached 2,290 USD per troy ounce back in March 2008. With demand steady from uses like car parts, jewelry, and industry, plus these supply issues and economic shifts, analysts bet on platinum keeping its momentum.