Platinum Prices

Platinum prices averaged USD 1,991 per troy ounce in May, down 1.3% from April. On 29 May, the commodity traded at USD 1,925 per troy ounce, down 1.7% from 30 April.

Like most other precious metals, average platinum prices fell in May. Middle East tensions lifted energy prices, increasing inflation risks and reinforcing higher-for-longer rate expectations, weighing on the non-yielding metal. Higher recycling supply and soft automotive demand as global consumers gradually shift toward electric vehicles were likely further drags.