Platinum prices averaged USD 978 per troy ounce in February, up 3.2% from January. On 28 February, the commodity traded at USD 943 per troy ounce, down 3.3% from 31 January.
Platinum prices rallied for the second consecutive month on average in February. Fears of trade wars heightened as President Trump threatened a range of import duties, bolstering safe-haven demand. Further upward pressure stemmed from a weaker USD and a monthly fall in U.S. treasury bond yields fueling investment demand. Supply-wise, operations halted at a South African mine amid floods, boosting prices further.
This chart displays Platinum (US$/toz) from 2023 to 2024.
Platinum LME (prices in US$/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 | 966 |