By: Tech stock2

Platinum has surged to multi-year highs, reaching approximately $1,620 per ounce by late October 2025, which represents an 80% year-to-date increase that outpaces gains in gold, silver, and palladium. This dramatic rally is primarily driven by a combination of tight global supply, robust industrial and jewelry demand, and significant safe-haven investment flows amid broader economic uncertainty.

The metal's strong performance is supported by its diverse demand base, which includes automotive catalysts, jewelry—particularly in China where it serves as a lower-cost alternative to gold—and its emerging role in the hydrogen economy for fuel cells and electrolyzers. On the supply side, chronic issues in South Africa, the source of over 70% of global output, including power cuts and under-investment, continue to constrain production and contribute to a projected market deficit.

Most analysts maintain a bullish outlook, with many forecasting prices could reach $1,700 or higher by year-end, citing persistent structural deficits and strong investor interest. However, key risks remain, including the potential for an economic slowdown that could dampen industrial demand and any unexpected hawkish shifts in U.S. monetary policy that might strengthen the dollar and pressure metal prices.