Platinum Prices

Platinum prices averaged higher in May relative to April. Platinum prices averaged USD 1,059 per troy ounce in May, which was 1.1% higher than April’s price and was up 10.5% from the same month last year. Meanwhile, on 31 May, platinum closed the day at USD 1,003 per troy ounce, which was down 6.6% from the same day of the previous month.

While average platinum prices increased slightly in May relative to April, this was largely due to weak data in early April; prices actually trended down during May. Supporting prices was strong demand for cars in major developed markets—platinum’s main use is in cars’ catalytic converters. In addition, the expectations of a more dovish Fed and vulnerabilities around the U.S. banking and the commercial real estate sectors likely increased safe-haven demand. In contrast, putting downward pressure on prices was the restart of production at Sibanye-Stillwater’s Montana mine in late April after repair works were completed. The dollar’s strength during May also contributed to cap prices, as the metal became more expensive for holders of other currencies.