Platinum prices have been making headlines recently, sparking talk about whether we are at the start of a new bull market for this precious metal. After years of relatively quiet performance, 2025 has seen platinum surge to its highest levels in a decade, climbing over 45% so far this year. This sharp rise is not just a random spike but reflects deeper shifts in supply and demand dynamics.
One key factor behind platinum’s rally is a tightening supply. The World Platinum Investment Council forecasts that newly mined platinum output will drop by about 6% in 2025. This decline reverses previous growth trends and creates a supply deficit that puts upward pressure on prices. When there’s less metal coming out of the ground but steady or rising demand, prices naturally tend to rise.
Demand itself is growing on multiple fronts. Jewellery sales have picked up strongly as customers gain confidence from rising prices and see platinum as both stylish and an investment opportunity rather than just decorative metal. In fact, some jewellery collections are marketing platinum as an appreciating asset alongside its aesthetic appeal.
Beyond jewellery, industrial uses are also boosting demand for platinum. It plays an important role in automotive catalytic converters—devices that reduce harmful emissions—and it’s increasingly used in hydrogen fuel cell technologies, which are gaining traction as clean energy solutions expand globally.
Looking ahead, forecasts suggest the price momentum could continue well beyond 2025. Some predictions see platinum reaching $1,400 by mid-2025 and climbing further to around $1,500 by mid-2026. Over the longer term—spanning several years—the price could more than double from current levels if these supply constraints persist alongside growing industrial adoption.
This combination of shrinking mine output and expanding uses across jewellery and industry paints a picture where higher prices may be sustained rather than fleeting spikes. For investors or anyone interested in precious metals markets, these developments hint at more bullish times ahead for platinum after many years of subdued performance.
So while no one can predict markets with certainty every time, the current signals—from strong price gains to fundamental shifts—suggest that we might indeed be witnessing the start of a new bull market phase for platinum driven by real changes beneath the surface rather than mere speculation or short-term hype.