Platinum’s price is on the rise, and many analysts are watching closely to see how high it might go next. This year, platinum has already gained over 20%, reaching levels not seen in two years. The main reasons behind this surge are ongoing supply shortages and growing demand, especially from China.
Supply has been tight for a while now. The World Platinum Investment Council predicts that 2025 will mark the third straight year where platinum supply falls short of demand by nearly a million ounces. Mining output is dropping, particularly in South Africa—the world’s largest producer—and recycling rates have also declined. Because of this, the total amount of platinum available globally is shrinking to its lowest point in five years. Stockpiles above ground are expected to drop sharply too, down by about a quarter compared to last year.
On the demand side, Chinese investors have been snapping up more platinum than usual. In April 2025 alone, imports jumped by almost half compared to March—reaching their highest monthly level in a year. This interest comes as buyers look for alternatives since gold prices remain high; they’re buying bars, coins, and jewelry made from platinum.
Looking ahead at price forecasts: some experts expect platinum could climb steadily through 2025 and beyond. Predictions suggest it might hit around $1,400 per ounce by mid-2025 and continue rising toward $1,500 or more into 2026. Longer-term outlooks are even more optimistic—some forecasts see prices doubling or tripling over the next decade as supply deficits persist and demand grows further.
There’s even talk that platinum could reach $4,000 an ounce before gold does if current trends hold true because its market is tighter with fewer substitutes available for industrial uses like catalytic converters in hybrid vehicles.
In short: tight supplies combined with strong Chinese buying interest create a bullish environment for platinum prices right now—and many analysts believe this momentum will carry forward well into the future with significant upside potential still ahead.