Platinum Prices Set to Surge Through 2026 Amid Supply Deficit and Rising Demand
Platinum has gained nearly 94% in 2025, climbing from $910 to $1,766 per ounce, driven by a persistent supply shortfall of about 850,000 ounces and projected demand of 8 million ounces by year‑end. China’s reclassification of platinum as a strategic critical mineral and the launch of Guangzhou futures tighten supply and boost institutional demand. Analysts now see platinum prices potentially reaching $2,340 per ounce in 2026, with continued upward momentum expected.
Platinum has gained nearly 94% in 2025, climbing from $910 to $1,766 per ounce, driven by a persistent supply shortfall of about 850,000 ounces and projected demand of 8 million ounces by year‑end. China’s reclassification of platinum as a strategic critical mineral and the launch of Guangzhou futures tighten supply and boost institutional demand. Analysts now see platinum prices potentially reaching $2,340 per ounce in 2026, with continued upward momentum expected.
Short‑term, platinum spot and futures markets should see sustained upward pressure, likely prompting increased ETF inflows and higher trading volumes. Medium‑term, the supply‑demand imbalance and China’s policy shift may support a continued rally, but profit‑taking by large ETF holders could create temporary pullbacks.