Platinum futures surged past $2,600 an ounce, setting a new all-time high, fueled by tight supply, strong industrial demand, and a broader precious metals rally. South Africa, producing roughly 70% of global output, faces limited mine investment, while recycling remains subdued, keeping structural deficits persistent. Meanwhile, automotive catalysts continue to support usage amid slower electric vehicle adoption, while industrial applications in chemicals, fertilizers, fiber optics, and hydrogen fuel cells are rebounding. Jewelry demand in China, North America, and India adds further support. Analysts project platinum could reach around $2,800 an ounce in 2026, with prices jumping nearly 20% in January alone. Platinum benefited from gold’s rally as investors continued to seek safe havens amid persistent global trade and political tensions, while softer US economic data and dovish Federal Reserve signals have fueled bets on future rate cuts, weakening the dollar and supporting metals.
