Platinum Price OutlookPlatinum prices decreased over the past month, likely due to still-tepid demand from the automotive sector. On 7 October, platinum traded at USD 979 per troy ounce, which was 3.2% lower than on the same day last month. Moreover, the price was down 8.3% on a year-to-date basis but was 12.8% higher than on the same day in 2020. The drop in platinum prices was likely the result of ongoing supply chain disruptions in the automotive sector weighing on demand. Global car manufacturers have been struggling to scale up production for the majority of the year due to the semiconductor shortage, which has dented appetite for platinum in turn. Consequently, the IHS Markit global sector PMI for September pointed to a second consecutive deterioration in output—and the sharpest since May 2020—in the automobile and auto parts sector relative to the previous month, and a quick rebound in production in the final quarter of the year seems unlikely. That being said, the large difference between prices for platinum and palladium—a substitute metal in the production of catalytic converters—likely limited the overall fall in platinum prices over the past month, despite demand concerns.
Platinum Price History Data (USD per troy ounce, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Platinum Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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