Platinum Prices

Platinum prices averaged USD 985 per troy ounce in June, down 3.0% from May. On 28 June, the commodity traded at USD 1,012 per troy ounce, down 3.4% from 31 May.

Platinum prices pulled back from May’s average and a recent one-year high in June, likely dampened by a stronger greenback following the Fed’s upward revision to its end-2024 interest rates. That said, stronger demand for internal combustion engine vehicles—particularly in the Middle East, Africa, Japan, Korea and Europe—and continued platinum-for-palladium substitution in vehicles likely stemmed the price decline; the metal’s main use is in catalytic converters.