Platinum and gold prices often move together because both are precious metals investors buy during uncertain times, but lately platinum has started catching up after trading much cheaper than gold for years.
People watch the platinum-to-gold ratio to see how these metals compare. This number shows how many ounces of platinum one ounce of gold can buy. Right now, the ratio sits between 0.4 and 0.5, near historic lows, meaning platinum looks undervalued next to gold.https://www.fxempire.com/forecasts/article/platinum-price-forecast-gold-rotation-fuels-platinum-breakout-toward-2300-by-2026-1567402 For example, on December 17, 2025, platinum hit $1,931 per ounce while gold reached $4,334, pushing the ratio to 0.44 where one ounce of gold buys about 2.3 ounces of platinum.https://shanakaanslemperera.substack.com/p/the-platinum-singularity-how-the
In 2025, both metals surged thanks to shared drivers like a weaker US dollar, lower real interest rates, hopes for Federal Reserve rate cuts, and geopolitical tensions. Gold climbed about 58% to around $4,335 per ounce, while platinum jumped nearly 80% to close to $1,600 by early December, then higher later.https://www.interactivebrokers.com/campus/traders-insight/securities/commodities/why-a-structural-deficit-and-hydrogen-economy-could-boost-platinum/https://news.futunn.com/en/post/66352937/gold-and-platinum-surge-together-rate-cut-expectations-and-geopolitical Platinum got an extra boost from supply shortages. The World Platinum Investment Council predicts a third straight year of deficits in 2025, with stocks down to just four months of demand.https://news.futunn.com/en/post/66352937/gold-and-platinum-surge-together-rate-cut-expectations-and-geopoliticalhttps://shanakaanslemperera.substack.com/p/the-platinum-singularity-how-the
This tight supply, plus stronger demand from cars and industry, pulled platinum prices up faster than gold’s in recent months. Investors are rotating money from pricey gold into cheaper platinum, a pattern seen before when low ratios led to platinum outperforming gold for years.https://www.fxempire.com/forecasts/article/platinum-price-rotation-fuels-platinum-breakout-toward-2300-by-2026-1567402 The gold-to-platinum ratio dropped from 3.59 in April 2025 to around 2.47 now, and a fall below 2.20 could signal even more gains for platinum toward $2,300 by 2026.https://www.fxempire.com/forecasts/article/platinum-price-forecast-gold-rotation-fuels-platinum-breakout-toward-2300-by-2026-1567402
Historically, platinum has traded at about twice gold’s price since 1880 on average, so some experts see room for it to rise more as the ratio normalizes.https://www.ipmi.org/news/platinums-80-surge-3-hidden-forces-driving-it Charts over the past 10 years, like those from 2008’s financial crash, show how the ratio shifts during big market events, with both metals rising but platinum sometimes leading later.https://www.bullionbypost.eu/price-ratio/gold/platinum/10year/ Recycling helps ease some supply pressure, but deficits persist, and links to palladium through shared uses in catalysts add another layer.https://www.interactivebrokers.com/campus/traders-insight/securities/commodities/why-a-structural-deficit-and-hydrogen-economy-could-boost-platinum/https://www.ipmi.org/news/platinums-80-surge-3-hidden-forces-driving-it