Platinum prices have been on an interesting journey in June 2025, showing both strong gains and some recent pullbacks. Earlier this month, platinum reached new heights, climbing above $1,330 per ounce—a level not seen in over a decade. This surge marked about a 45% increase since the start of the year, driven mainly by tight supply and growing demand from major markets like China and India.
The supply side has been particularly important. Mining output is expected to drop by around 6% this year, reversing previous growth trends. This shrinking supply has created a noticeable deficit in the market that supports higher prices. At the same time, demand remains solid due to platinum’s key role in industries such as automotive catalytic converters and emerging technologies like hydrogen fuel cells.
This combination of factors pushed platinum prices steadily upward through June. The metal held firm above support levels around $1,225 per ounce before rallying past $1,300 and even hitting historical highs near $1,390 recently.
However, after reaching these peaks, platinum experienced some retreat from its decade-high levels. Geopolitical tensions in regions like the Middle East added uncertainty to global markets while central banks’ hawkish policies put pressure on commodities overall. These influences caused prices to pull back slightly but still remain elevated compared to earlier months.
Investors are watching closely as platinum balances between its role as an industrial metal with real-world applications and its appeal as a precious metal alternative for safe-haven investment during uncertain times.
Looking ahead into mid-2025 and beyond, analysts expect that persistent supply deficits will continue supporting price strength despite occasional volatility caused by geopolitical or economic shifts. For those considering investing in platinum now or later this year, understanding these dynamics—tightening supply against steady industrial demand—is key to making informed decisions about potential risks and rewards tied to this unique precious metal market environment.