Platinum is outperforming gold right now because of tighter supply, strong demand from places like China, and big bets on lower interest rates from the US Federal Reserve. Gold has hit near-record highs too, but platinum has doubled in value this year alone, on track for its best gain since records started in 1987. Weaker US inflation numbers just came out, making traders think the Fed will cut rates soon, which lifts both metals but hits platinum harder due to its industrial side.
Platinum prices climbed for six straight days, pushing close to $2,000 an ounce before easing a bit. Check out the details here: https://www.whalesbook.com/news/English/Commodities/Gold-and-Platinum-Skyrocket-US-Inflation-Drops-Fed-Rate-Cut-Bets-Surge-Your-Investment-Guide/6944b72fd491bcfbdd162933. Gold is strong from central banks buying it up and world tensions, but platinum gets an extra boost from supply worries. The London market is tight, and banks are moving metal to the US to dodge tariffs.
Demand is hot too, especially in China. Their new futures exchange in Guangzhou sees huge trading volume and open interest, with prices there beating global benchmarks. More on that surge: https://www.gurufocus.com/news/4075439/gold-and-platinum-prices-surge-amid-geopolitical-tensions-and-inflation-data-anticipation?mobile=true. Exports to China are booming, and folks expect even more use in cars and factories.
Lower rates help because they make holding metals cheaper than bonds. With inflation cooling and geopolitics shaky, platinum rides both safe-haven waves and real-world needs like auto parts. Gold shines steady, but platinum’s supply crunch and fresh markets give it the edge.
Sources
https://www.whalesbook.com/news/English/Commodities/Gold-and-Platinum-Skyrocket-US-Inflation-Drops-Fed-Rate-Cut-Bets-Surge-Your-Investment-Guide/6944b72fd491bcfbdd162933
https://www.gurufocus.com/news/4075439/gold-and-platinum-prices-surge-amid-geopolitical-tensions-and-inflation-data-anticipation?mobile=true