Platinum Leads Bullish 2026 PGM Outlook, Forecasts 71% Gain
Metals Focus projects platinum to average $2,190/oz in 2026, up 71% YoY, while palladium and rhodium are expected to rise 37% and 62% respectively. The rally is underpinned by tightening supply, rising investor demand, and geopolitical risks that support safe‑haven buying. Physical deficits persist across all five major PGMs, with secondary recycling expected to grow but not offset falling primary output.
Metals Focus projects platinum to average $2,190/oz in 2026, up 71% YoY, while palladium and rhodium are expected to rise 37% and 62% respectively. The rally is underpinned by tightening supply, rising investor demand, and geopolitical risks that support safe‑haven buying. Physical deficits persist across all five major PGMs, with secondary recycling expected to grow but not offset falling primary output.
Short‑ to medium‑term, platinum, palladium and rhodium prices should see upward pressure as supply constraints tighten and investor flows increase, especially with new futures listings on China’s GFEX. Automotive and hydrogen demand will continue to support the sector, but any supply disruptions in South Africa or North America could accelerate price gains.