Platinum prices are forecast to rise in 2026 due to ongoing supply shortages, steady demand from key industries, and positive analyst predictions despite some market balancing. Experts point to deficits carrying over from 2025, where supply fell short by nearly 700,000 ounces, pushing prices higher as demand holds firm.https://www.youtube.com/watch?v=dUhdNi5Pb0khttps://www.miningweekly.com/article/balanced-2026-platinum-market-forecast-dependent-on-global-trade-tension-let-up-2025-11-18
One big reason is the supply crunch. In 2025, total platinum supply hit a five-year low at 7.129 million ounces, with mining output down 5% to 5.51 million ounces. Recycling helped a bit, but demand still outpaced it at 7.821 million ounces, creating that large deficit. For 2026, supply should tick up 4% to 7.404 million ounces thanks to more recycling and 2% higher mining to 5.622 million ounces. Demand may dip 6% to 7.385 million ounces as investment eases with less trade tension, leading to a near-balanced market or small surplus of 20,000 ounces. Even so, low stockpiles from prior years keep pressure on prices.https://www.youtube.com/watch?v=dUhdNi5Pb0khttps://www.youtube.com/watch?v=OyWhTZoofWshttps://www.miningweekly.com/article/balanced-2026-platinum-market-forecast-dependent-on-global-trade-tension-let-up-2025-11-18
Analysts see clear upside. LongForecast predicts platinum starting 2026 at $1,770 per ounce, rising to $2,080 mid-year, and hitting $2,340 by December, with a range of $1,556 to $2,457. WalletInvestor offers a milder view at $1,817 to $1,921. Overall consensus leans toward $2,340 by year-end, driven by these trends.https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/
Heraeus Precious Metals expects a deficit in 2026, though narrower, from higher European recycling. They forecast $1,300 to $1,800 per ounce, with lease rates staying high and price gains after consolidation. Jewelry demand could boost this, especially in China, as platinum stays cheap versus gold.https://www.heraeus-precious-metals.com/en/company/press-and-news/heraeus-precious-metals-forecast-2026/
Trade tensions play a role too. They fueled 2025’s deficit by boosting investment demand. If they ease in 2026, investment may pull back as ETF holders take profits and stocks draw down, but the market stays tight overall. Automotive use might soften with more electric vehicles, yet other sectors like glass and jewelry balance it out.https://www.youtube.com/watch?v=dUhdNi5Pb0khttps://investingnews.com/wpic-platinum-market-forecast/
WPIC notes the deep 2025 deficit sets up 2026 for balance, but prices could still climb if demand holds and supply lags. Downside risks exist from auto shifts, but experts bet on a breakout higher from current ranges.https://investingnews.com/wpic-platinum-market-forecast/
Sources
https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/
https://www.youtube.com/watch?v=dUhdNi5Pb0k
https://www.youtube.com/watch?v=OyWhTZoofWs
https://www.heraeus-precious-metals.com/en/company/press-and-news/heraeus-precious-metals-forecast-2026/
https://investingnews.com/wpic-platinum-market-forecast/
https://www.miningweekly.com/article/balanced-2026-p