FX.co ★ Platinum Hits One-Month High

Platinum prices rose to $1,620 per ounce, marking the highest point since October 20, following the launch of a physically settled futures contract by China's Guangzhou Futures Exchange. This new offering, accessible to both institutional and retail investors, is anticipated to expand market participation and ignite optimism regarding Chinese demand for the metal. Concurrently, signs of economic weakness in the United States, along with dovish remarks from Federal Reserve officials, have heightened expectations for a third interest rate cut in December. Platinum has seen an impressive increase of over 70% this year, closely paralleling the gains made by silver and significantly surpassing those of gold. This surge is largely attributed to demand for safe-haven assets, supply disruptions in South Africa, and strong purchasing from China. Looking forward, the World Platinum Investment Council predicts a deficit of 69,200 ounces in 2025, representing the third straight year of shortfall, with the market anticipated to reach a near-equilibrium in 2026, resulting in a slight surplus of about 20,000 ounces.