Platinum has been drawing attention lately as investors and analysts watch its price movements closely. The big question on many minds is whether $1,700 per ounce will be the next key level for platinum prices.
Right now, platinum is trading below that mark but showing signs of strength. Earlier this year, prices hovered around the $1,000 range and even dipped slightly below it at times. However, forecasts suggest a steady climb ahead. By mid-2025, some predictions place platinum near $1,400 and edging toward $1,500 by mid-2026. This indicates a positive trend that could eventually push prices closer to or beyond the $1,700 level in the coming years.
One reason for this optimism is a growing supply deficit in the platinum market. The World Platinum Investment Council projects a significant shortfall in 2025 — nearly one million ounces less than demand — marking several years of consecutive deficits. When supply tightens like this while demand remains steady or grows, prices tend to rise as buyers compete for fewer available ounces.
Demand factors also support higher prices. Chinese industrial use of platinum continues to increase alongside global automotive production where platinum plays an important role in catalytic converters for cleaner emissions. Additionally, investment interest has been picking up as physical stockpiles are gradually drawn down from aboveground reserves.
Looking further ahead into 2030 and beyond, long-term forecasts paint an even more bullish picture with potential price targets well above $2,800 per ounce within five years and possibly exceeding $4,000 by 2035 if current trends persist.
Still though, there are reasons to be cautious about how quickly these gains might happen or whether they will reach those heights at all anytime soon. Market volatility can return if investor sentiment shifts suddenly or if new sources of supply come online unexpectedly.
In summary (without summarizing), while hitting $1,700 may not be immediate given current levels around just over one thousand dollars per ounce today and modest near-term forecasts near $1,400-$1,500 within two years — it remains a realistic milestone on the horizon driven by ongoing supply deficits combined with steady demand growth from industry and investors alike.
The path upward may have bumps along the way but many experts see strong fundamentals supporting higher platinum prices over time—making that elusive next key level something worth watching closely as market conditions evolve through 2025 and beyond.