Platinum prices have been on a rollercoaster ride in June 2025. Earlier this month, the metal surged to levels not seen since 2014, crossing $1,330 per ounce. This sharp rise was fueled by a combination of factors: a tightening supply as newly mined platinum output is expected to drop by about 6% this year, strong demand from major consumers like China and India, and growing interest in platinum’s industrial uses such as automotive catalytic converters and hydrogen fuel cells.
The rally also reflected platinum’s emerging role as an alternative safe-haven asset alongside gold. The ratio between gold and platinum prices fell to its lowest point in three years, making platinum more attractive for investors looking for diversification beyond traditional precious metals.
However, after reaching these highs, the price took a step back around mid-June. Geopolitical tensions in the Middle East created uncertainty across commodity markets while the Federal Reserve’s hawkish monetary policy stance added pressure on precious metals overall. These developments caused platinum prices to retreat somewhat from their decade-high peak.
Looking ahead through 2025 and into 2026, forecasts suggest that despite short-term fluctuations, platinum could continue an upward trend driven by persistent supply deficits and steady demand growth. Some predictions expect prices to reach around $1,411 per ounce by mid-2025 with further gains into next year potentially pushing it above $1,500.
Over the longer term—from 2026 through the early 2030s—the outlook remains bullish with expectations of significant price appreciation due to ongoing supply constraints combined with expanding industrial applications and investment interest. Prices could climb well beyond current levels if these trends hold true.
In essence, while June has shown some volatility for platinum prices amid global uncertainties and market reactions to economic policies, underlying fundamentals point toward sustained strength for this precious metal over coming years.