Platinum prices often move in step with energy markets because the metal plays a big role in energy technologies and faces supply issues tied to energy production. Miners in South Africa, which supplies over 70% of the world’s platinum, deal with electricity shortages that cut output by up to 6.4% in recent years.https://www.fxempire.com/forecasts/article/platinum-price-forecast-gold-rotation-fuels-platinum-breakout-toward-2300-by-2026-1567402 These power problems make platinum scarcer, pushing prices up when energy costs rise or supplies falter.
Platinum acts as a key catalyst in hydrogen fuel cells and electrolysers, tools central to clean energy plans in the U.S., Europe, and China.https://www.fxempire.com/forecasts/article/platinum-price-forecast-gold-rotation-fuels-platinum-breakout-toward-2300-by-2026-1567402 As the renewable energy market grows toward $4.9 trillion by 2033, demand for platinum in these systems increases, linking its price to energy shifts like hydrogen expansion.https://www.fxempire.com/forecasts/article/platinum-price-forecast-gold-rotation-fuels-platinum-breakout-toward-2300-by-2026-1567402 Stationary hydrogen demand rose 6% in recent quarters, even with some funding setbacks in North America.https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf
In cars, platinum helps clean emissions from gasoline engines, and stricter rules boost its use per vehicle despite electric vehicle growth.https://news.futunn.com/en/post/66352937/gold-and-platinum-surge-together-rate-cut-expectations-and-geopolitical Energy market changes, like Europe’s possible delay on banning combustion engines, keep this demand steady and tie platinum to oil and gas trends.https://news.futunn.com/en/post/66352937/gold-and-platinum-surge-together-rate-cut-expectations-and-geopolitical Electric vehicles cut some autocatalyst needs, but hydrogen tech for data centers and trucks offers new energy-driven upside.https://www.investing.com/news/commodities-news/why-have-silver-platinum-and-palladium-rallied-so-much-in-2025-4381121
Supply risks from energy woes in South Africa and Russia create deficits, like the 692 thousand ounce gap forecast for 2025, making prices sensitive to global energy stability.https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdfhttps://news.futunn.com/en/post/66352937/gold-and-platinum-surge-together-rate-cut-expectations-and-geopolitical Recycling grows with higher prices, but it lags behind demand tied to energy tech.https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf Platinum’s link to catalytic converters and hydrogen also shows in volatile ties to energy prices during market stress.https://www.tradingview.com/symbols/XPTUSD/ideas/
Views differ on the strength of this link. Some see sustained gains from energy demand and deficits, while others note risks from EV shifts and steady supply.https://www.investing.com/news/commodities-news/goldman-sachs-three-reasons-platinum-wont-see-sustained-breakout-4093671
Sources
https://www.fxempire.com/forecasts/article/platinum-price-forecast-gold-rotation-fuels-platinum-breakout-toward-2300-by-2026-1567402
https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterl