Platinum price targets for 2026 are uncertain but range widely among analysts; common forecasts put a mid-2026 target between about $1,300 and $2,340 per ounce, with several reputable firms centering expectations near $1,500–$1,900 per ounce depending on supply, recycling, and industrial demand drivers[4][1].
Essential context and supporting details:
– Supply and demand outlook: One research group projects the platinum market could move from a large 2025 deficit toward balance in 2026, which would reduce upward price pressure if realized; that forecast expects higher recycling and slightly higher mining output in 2026 versus 2025, producing a broadly balanced market scenario[2][6].
– Analyst ranges: A financial-forecast aggregation shows very different numerical targets—LongForecast models a rise to about $2,080 by mid-2026 and $2,340 by year-end 2026, while other automated forecasters and market sites produce more moderate ranges and overlapping lower bounds around $1,300–$1,800 per ounce[1][4].
– Heraeus professional forecast: Heraeus, a major precious-metals dealer, publishes a 2026 platinum price range of $1,300 to $1,800 per ounce and notes that increased recycling and elevated lease rates are key factors that could keep prices within that band[4].
– Market drivers to watch:
– Recycling and secondary supply: Increased recycling in Europe is expected to add material to supply and can cap price gains if sustained[4].
– Automotive demand and technology: Continued substitution in autocatalysts, increased battery electric vehicle adoption, and evolving emission-control technologies will alter industrial demand for platinum and thus influence prices[1][5].
– ETF flows and investor positioning: Warehouse stock movements and ETF investor profit-taking have materially affected short-term deficits and could swing prices if flows reverse[2][5].
– Geopolitical and trade tensions: Trade disputes and tariff-related uncertainty have amplified investment flows into and out of platinum; easing of those tensions is a prerequisite in some scenarios for the market to normalize in 2026[2][6].
– Scenario thinking for target setting:
– Bear/low-case: If recycling increases significantly and industrial demand declines faster than expected, platinum could stay near the lower professional estimates around $1,300–$1,500 per ounce[4].
– Base/mid-case: A balanced market with moderate industrial demand and steady investment interest points to a mid-band target near $1,500–$1,900 per ounce, consistent with several industry commentaries[4][5].
– Bull/high-case: If deficits persist, ETF inflows resume strongly, or industrial demand rebounds unexpectedly, prices could retest the higher algorithmic forecasts in the $2,000–$2,300+ per ounce zone[1].
– Practical implications for investors and users:
– Volatility expectation: Forecast ranges are wide, reflecting structural uncertainties; short-term swings are likely and risk management is important[1][5].
– Time horizon matters: Long-term industrial trends and above-ground stocks will play a larger role over multiple years than a single quarterly supply surprise[2][4].
Sources
https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/
https://www.miningweekly.com/article/balanced-2026-platinum-market-forecast-dependent-on-global-trade-tension-let-up-2025-11-18
https://www.heraeus-precious-metals.com/en/company/press-and-news/heraeus-precious-metals-forecast-2026/
https://investingnews.com/wpic-platinum-market-forecast/