Is Platinum Near a Market Top?
Platinum prices have soared lately, hitting levels not seen in over 17 years. On December 18, 2025, the price reached 1,974.30 USD per troy ounce, up 2.40% from the day before and a massive 114% higher than a year agohttps://tradingeconomics.com/commodity/platinum. By December 17, it traded at 1,922.20 USD per ounce, showing a 77% gain since the start of 2025https://fortune.com/article/current-price-of-platinum-12-17-2025/. This rally has sparked talk of a possible market top, but strong demand signals suggest the upward trend may continue.
What is driving this surge? Demand from car makers for catalytic converters remains high due to tougher global emission rules, especially for diesel and hybrid vehicleshttps://www.imarcgroup.com/news/platinum-price-index. Platinum also plays a key role in hydrogen fuel cells as the world pushes for clean energyhttps://www.imarcgroup.com/news/platinum-price-index. Supply issues add pressure, with reduced output from South African mines, the top producerhttps://fortune.com/article/current-price-of-platinum-12-17-2025/. Investors see platinum as a cheaper alternative to gold and a shield against inflation amid economic worries like rising US unemploymenthttps://tradingeconomics.com/commodity/platinum.
Prices jumped 28% in the past month alone, with regional gains like 11.6% in the USA to 1,540 USD per ounce and 19% in Germany to 1,746 USD per ouncehttps://www.imarcgroup.com/news/platinum-price-index. The global market hit 194.68 tons in 2025, with forecasts for growth to 271.15 tons by 2034 at a 3.75% annual ratehttps://www.imarcgroup.com/news/platinum-price-index.
Are we at a peak? Some AI forecasts point lower, with tools like ChatGPT predicting around 1,067 to 1,175 USD per ounce by late 2025, while LBMA analysts see an average of 991 USDhttps://www.bullionvault.com/gold-news/infographics/ai-gold-precious-metal-price-forecasts. Yet most analysts disagree. They expect prices to climb to 1,770 USD by end-2025, then 2,340 USD in 2026, and up to 3,853 USD by 2030https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/. Long-term views are even brighter, with some seeing 8,029 USD by 2037, driven by auto recovery and industrial needshttps://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/.
Supply shortages versus rising demand could keep pushing prices higher, though shifts in investor mood or mine output might cause pullbacks. For now, the momentum favors bulls over a quick top.
Sources
https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/
https://www.imarcgroup.com/news/platinum-price-index
https://www.bullionvault.com/gold-news/infographics/ai-gold-precious-metal-price-forecasts
https://tradingeconomics.com/commodity/platinum
https://fortune.com/article/current-price-of-platinum-12-17-2025/