Platinum Prices

Platinum prices averaged USD 1,334 per troy ounce in August, down 4.1% from July. On 29 August, the commodity traded at USD 1,347 per troy ounce, up 3.1% from 31 July.

In August, average platinum prices dropped after surging at breakneck speed for three consecutive months. The fall was largely due to a carry-over effect, with prices having declined in late July. During August prices trended up, fueled by a higher probability of U.S. rate cuts. Moreover, rising geopolitical uncertainty added upward pressure. Production-wise, still-downbeat mining output in South Africa—the world’s largest producer—due to operational challenges also kept prices high by historical standards.