Platinum prices have been soaring in June 2025, reaching their highest levels in about four years. This sharp increase is mainly due to a combination of supply shortages and rising demand that has created a tight market for the metal.
On the supply side, platinum production remains significantly below what it used to be over the past decade. Mining output has been disrupted by various factors including lower productivity and ongoing challenges in major producing regions. These disruptions have led to a persistent deficit where demand outstrips supply by nearly one million ounces this year alone. This shortage is not new but has become more pronounced recently, tightening the market further.
Demand for platinum is strong from multiple fronts. Investment interest has surged as investors look for alternatives amid fluctuating gold prices and economic uncertainties. Jewelry demand, particularly from China, continues to grow as well, adding pressure on available supplies. Additionally, easing trade tensions between major economies like the US and China have reduced fears of tariffs that previously dampened demand prospects.
Technically speaking, platinum’s price movement shows signs of an intense buying phase often described by analysts using Elliott Wave theory as a “fifth-wave rally,” which suggests this could be part of a final push upward before any significant correction occurs. The metal’s relative strength index (RSI), an indicator measuring momentum, is very high—indicating it’s currently overbought—but this hasn’t yet caused prices to fall back substantially.
All these factors together—structural supply deficits that are some of the worst seen since 2020 pandemic disruptions; growing investment and jewelry consumption; geopolitical stability improving trade flows; plus technical momentum—have combined to push platinum prices sharply higher in June 2025 than they have been in years.
While some traders expect short-term pullbacks or consolidation around current price levels due to overbought conditions, many see this rally as part of a longer-term trend driven by fundamental scarcity and sustained global demand growth for this rare precious metal.