Platinum prices have rocketed up over 90 percent in 2025, breaking out of a long downtrend and flashing clear signs of a bull market. Investors and analysts point to tight supply, booming industrial demand, and money shifting from gold as the big drivers behind this surge.https://www.fxempire.com/forecasts/article/platinum-price-forecast-gold-rotation-fuels-platinum-breakout-toward-2300-by-2026-1567402https://www.fxstreet.com/analysis/what-drove-the-strong-performance-of-platinum-group-metals-in-2025-202512151929
One key signal to watch is the growing supply deficit. The World Platinum Investment Council forecasts a shortage of about 848,000 ounces in 2025, after last year’s gap hit 995,000 ounces, which was 46 percent bigger than expected. This mismatch between supply and demand could keep pushing prices higher, especially with underinvestment in mines leading to low stockpiles.https://www.fxstreet.com/analysis/what-drove-the-strong-performance-of-platinum-group-metals-in-2025-202512151929https://markets.financialcontent.com/wral/article/marketminute-2025-12-16-precious-metals-surge-gold-silver-platinum-and-palladium-flash-bullish-signals
Industrial demand is another strong bullish clue, fueled by the shift to green energy and electric vehicles. Platinum plays a big role in fuel cells, catalytic converters, and hydrogen tech, with demand picking up as the world pushes for cleaner power. Looser money policies from central banks, like expected rate cuts from the Fed, make non-yielding metals like platinum more appealing by cutting the cost of holding them.https://www.ainvest.com/news/2025-precious-metals-surge-silver-record-run-gold-resilience-dovish-outlook-2512/https://www.fxstreet.com/analysis/what-drove-the-strong-performance-of-platinum-group-metals-in-2025-202512151929
Money rotating from gold is lighting up the charts. As gold hit record highs, investors moved cash into cheaper platinum, sparking a 47 percent jump to $1,335 by mid-year and more gains later. Imports into China and Hong Kong spiked, adding fuel, while U.S. trade worries over Russian supplies boosted prices further.https://www.fxempire.com/forecasts/article/platinum-price-forecast-gold-rotation-fuels-platinum-breakout-toward-2300-by-2026-1567402https://www.fxstreet.com/analysis/what-drove-the-strong-performance-of-platinum-group-metals-in-2025-202512151929
On the technical side, platinum smashed above $1,000 on weekly charts, rallying to over $1,740 in a bullish channel. Support sits at $1,740, with targets at $1,847, $1,865, and even $1,900 to $2,000 if it holds above $1,700 monthly. A break over $1,900 could aim for $2,170 or $2,300 by 2026, as long as it stays above $1,200.https://markets.financialcontent.com/wral/article/marketminute-2025-12-16-precious-metals-surge-gold-silver-platinum-and-palladium-flash-bullish-signalshttps://www.fxempire.com/forecasts/article/platinum-price-forecast-gold-rotation-fuels-platinum-breakout-toward-2300-by-2026-1567402
Analysts see end-of-2025 prices around $1,714 to $1,770, with 2026 forecasts hitting $1,710 to $2,340. Traders on charts note bullish patterns like a pennant breakout past $1,646, targeting $1,914, and steady climbs after clearing $1,050.https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/
Trade issues add another layer. Petitions against Russian palladium hit platinum too, with U.S. rulings in August sending prices to $1,563. Tariff fears displaced metal supplies, tightening the market more.