Platinum prices have surged dramatically in 2025, hitting levels like $1,974 per ounce on December 18 and climbing over 114% from a year ago.https://tradingeconomics.com/commodity/platinumhttps://www.economies.com/commodities/platinum-analysis/platinum-price-hits-the-main-target%E2%80%93-forecast-today-%E2%80%93-18-12-2025-123537 This rally shows no signs of slowing, with experts pointing to strong demand, tight supplies, and investor interest as key drivers that could push prices even higher.
One big reason is booming demand from cars and clean energy tech. Platinum is vital for catalytic converters that cut emissions in vehicles, and stricter global rules are forcing more use of it.https://www.imarcgroup.com/news/platinum-price-index Hydrogen fuel cells, which power future green vehicles, also rely heavily on platinum, and their growth is speeding up as the world fights climate change. The global platinum market hit 194.68 tons in 2025 and could reach 271.15 tons by 2034, growing at 3.75% per year.https://www.imarcgroup.com/news/platinum-price-index Industries like electronics, chemicals, and medical devices are snapping up more too, adding steady pressure on supplies.
Supply problems make things worse for prices. South Africa produces most of the world’s platinum, but mining issues there cut output earlier this year.https://fortune.com/article/current-price-of-platinum-12-18-2025/https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf The market faces a huge deficit of 692 thousand ounces in 2025, even after some recovery in mining and recycling.https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf Higher prices might encourage more recycling in 2026, but for now, shortages keep pushing values up.
Investors are jumping in too. Platinum hit a 17-year high above $1,950 as people buy precious metals to hedge against a weaker dollar and US economic worries like rising unemployment.https://tradingeconomics.com/commodity/platinum In China, jewelry demand rose 8% in Q3 2025, with buyers switching from pricey gold.https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf Threats of US tariffs sparked stockpiling there, and high lease rates show tight borrowing conditions.https://www.bullionvault.com/gold-news/gold-price-news/platinum-gfex-palladium-121720251 Prices in places like the USA ($1,540/oz, up 11.6% quarterly), China ($1,718/oz, up 18%), and Germany ($1,746/oz, up 19%) reflect this heat.https://www.imarcgroup.com/news/platinum-price-index
Regional trends add fuel. In the USA, platinum jumped to support auto and hydrogen needs amid economic shifts.https://www.imarcgroup.com/news/platinum-price-index China’s rotation to platinum jewelry from gold, plus industrial buys, keeps demand strong despite some global slowdowns in areas like glass production.https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf Forecasts see potential to break $2,000 if bullish momentum holds, though short-term pullbacks to $1,860-$1,900 could happen before climbing again.https://www.economies.com/commodities/platinum-analysis/platinum-price-hits-the-main-target%E2%80%93-forecast-today-%E2%80%93-18-12-2025-123537https://fortune.com/article/current-price-of-platinum-12-18-2025/
Sources
https://www.imarcgroup.com/news/platinum-price-index