Platinum Price OutlookPlatinum prices picked up slightly in the last month after having been in a weak spot for much of this year. On 1 December, platinum traded at USD 934 per troy ounce. The print was 0.3% higher than on the same day last month, and was up 4.0% on a year-to-date basis. Moreover, the price was 3.1% higher than on the same day in 2016. Tighter supply stemming from reduced investment and the closures of mines supported the turnaround. Upbeat U.S. GDP growth data failed to deter the jump in prices as demand to invest in safe-haven assets, which includes platinum, declines with improved economic conditions. Production figures for Q3 showed a decline in output in South Africa—which accounts for more than half of global supply—triggered by mine closures. Output also fell in Zimbabwe due to furnace maintenance. Estimates suggest that by the end of the year, South Africa and Zimbabwe will have registered output drops of 1% and 10%, respectively, from last year. On the other hand, lower demand for diesel-powered cars in Europe and China has led to reduced demand for platinum, which is used to make emissions-reducing catalytic converters. Demand for the precious metal is expected to jump next year thanks to a rebound in demand from the petroleum and glass sectors, along with anticipated higher jewelry sales in India and China.
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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