Jacob Smith

Platinum is expected to remain rangebound throughout 2025, continuing its trend since 2022. Ample above-ground stocks, with more than 3Moz in ETPs, will mitigate the effect of platinum’s third consecutive deficit in 2025, constraining price gains. Platinum’s range-trading behaviour is largely self-fulfilling. Traders consistently buy at levels in the low $900s and below, while selling near $1,000 and above. Chinese importers capitalise on price dips, and the industrial market provides enough support to stabilise prices without driving a breakout. Consequently, our price forecast remains largely unchanged year-on-year: lows of $870, highs of $1,120, and an annual average of $970, reflecting just a 1% increase from 2024’s annual average.