Platinum has been making headlines recently with its price showing strong upward momentum. After hovering between $900 and $1,100 per ounce for some time, platinum has surged past $1,250 and even reached new four-year highs. This rally is driven by a mix of factors that suggest the metal could be setting a new support level around $1,350.
One key reason behind platinum’s rise is supply concerns. Mines are struggling to keep up with demand, creating tightness in the market that pushes prices higher. At the same time, industrial demand is improving as economies look to recover and grow despite ongoing global uncertainties like geopolitical tensions and inflation pressures.
The weakening U.S. dollar also plays a role by making metals priced in dollars cheaper for holders of other currencies, encouraging more buying interest in platinum along with silver and gold. Investors are increasingly turning to physical metals as safe havens amid economic fragility and fears over government debt levels.
Another interesting trend supporting platinum’s price is renewed interest from jewelry makers who are shifting away from gold due to its high cost squeezing their profit margins. Platinum’s rarity compared to gold adds an extra layer of appeal for both industrial users and investors looking at long-term value.
Technically speaking, after several weeks of gains without major pullbacks below certain levels like $1,225 or $1,300 recently observed in trading sessions, analysts believe that $1,350 could become a firm floor — or support level — where buyers step back in if prices dip slightly. This would mark a significant shift from previous years when platinum struggled below these marks.
If this new support holds steady amid ongoing supply deficits and steady demand growth across sectors including automotive catalysts (which use platinum), jewelry manufacturing, and investment products like ETFs backed by physical metal inventories then we may see further upside potential beyond current levels.
In essence: Platinum’s recent price strength reflects real changes beneath the surface—tight supplies meeting growing demand underpinned by macroeconomic shifts—and suggests that the once elusive $1,350 mark might soon serve as a reliable base rather than just another resistance point waiting to be broken through again.