Platinum prices surged to over $1,330 per ounce, hitting a ten-year high and rallying over 45% so far this year. The bullish trend is driven by a significant supply deficit, rising jewellery restocking, and stronger investor sentiment post-London Platinum Week. Adding to the momentum, the gold/platinum ratio has narrowed to its lowest level in over three years, signaling renewed interest in platinum as a relatively undervalued alternative to gold.
Escalating tensions in the Middle East have also fueled safe-haven buying, indirectly supporting platinum alongside other precious metals. Meanwhile, growing demand from Asian markets—particularly China and India—has underpinned physical consumption, supported by both industrial applications and luxury segments. On the industrial front, platinum continues to play a crucial role in automotive catalytic converters and the hydrogen economy, with increased adoption in fuel cell technologies further tightening global supply.
