Platinum prices were lower on average in September relative to August. Platinum prices averaged USD 923 per troy ounce in September, 0.3% lower than August’s price but up 5.0% year on year. Meanwhile, on 29 September, platinum closed the day at USD 923 per troy ounce, down 5.8% month on month.
In September, platinum prices eased due to expectations of higher-for-longer global interest rates. The expectation that the Fed would maintain higher interest rates for an extended period incentivized investors to shift away from platinum. Stronger Treasury yields also increased the opportunity cost of holding the metal, while the strength of the greenback raised its cost for holders of other currencies, thus limiting platinum demand. Meanwhile, there was some upward pressure on prices due to increased power cuts in key producer South Africa in September.
Platinum LME (prices in US$/toz, aop)
Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
---|---|---|---|---|---|---|---|---|
Platinum LME | - | - | - | - | 1,029 | 959 | 887 | 971 |