Platinum prices averaged USD 965 per troy ounce in September, up 2.2% from August. On 30 September, the commodity traded at USD 985 per troy ounce, up 4.8% from 30 August.
Prices rose for the first time in four months in September, fueled by supply concerns and strong demand. A recent report by the World Platinum Investment Council estimates an over 40% increase in the market deficit in 2024 on lower output in Russia, South Africa and Zimbabwe—which make up over 90% of global supply. Demand-wise, rising new car demand—the metal’s main use is in catalytic converters—recent stimulus in China plus a weaker USD and a monthly dip in U.S. treasury bill yields added impetus.
This chart displays Platinum (US$/toz) from 2022 to 2024.
Platinum LME (prices in US$/toz, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Platinum LME | 995 | 1,026 | 931 | 914 | 911 | 980 | 964 | - |