Platinum prices in 2026 could climb as high as $2,340 per ounce according to optimistic forecasts, though more conservative estimates point to a range of $1,300 to $1,800 per ounce. Analysts base these predictions on supply and demand trends, with some expecting a balanced market that might limit extreme spikes, while others see room for growth from deficits and investment demand.
Right now, platinum sits in a deep deficit, with 2025 forecasts showing a shortfall of around 692,000 ounces due to lower mining output at 5.51 million ounces and steady demand at 7.82 million ounces.https://www.youtube.com/watch?v=dUhdNi5Pb0khttps://www.youtube.com/watch?v=OyWhTZoofWs This shortage stems from reduced supply in mining and recycling, even as demand holds firm from autos, jewelry, and industry. For 2026, experts predict supply will rise to 7.4 million ounces thanks to more recycling and a slight mining bump to 5.62 million ounces, while demand dips to 7.39 million ounces as investment eases with less trade tension.https://www.miningweekly.com/article/balanced-2026-platinum-market-forecast-dependent-on-global-trade-tension-let-up-2025-11-18
LongForecast offers the bull case, projecting prices starting at $1,770 early in the year, hitting $2,080 mid-year, and reaching $2,340 by December, with a range of $1,556 to $2,457.https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/ WalletInvestor is milder, seeing stability around $1,817 to $1,921. Heraeus Precious Metals takes a cautious view, forecasting $1,300 to $1,800 amid a narrowing deficit from European recycling gains, though they note upside from jewelry demand in China as platinum stays cheap versus gold.https://www.heraeus-precious-metals.com/en/company/press-and-news/heraeus-precious-metals-forecast-2026/
Trade tensions play a big role. Easing tariffs could draw down stockpiles and cut investment buying, leading to balance and capping prices. Persistent deficits or auto sector shifts might push higher. The World Platinum Investment Council eyes a near-balanced market with a tiny 20,000-ounce surplus, but warns prices could break out either way from current ranges.https://investingnews.com/wpic-platinum-market-forecast/
Sources:
https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/
https://www.youtube.com/watch?v=dUhdNi5Pb0k
https://www.youtube.com/watch?v=OyWhTZoofWs
https://www.heraeus-precious-metals.com/en/company/press-and-news/heraeus-precious-metals-forecast-2026/
https://investingnews.com/wpic-platinum-market-forecast/
https://www.miningweekly.com/article/balanced-2026-platinum-market-forecast-dependent-on-global-trade-tension-let-up-2025-11-18