FX.co ★ Platinum Hits New Record

Platinum futures have soared beyond $2,400 per ounce, establishing a new milestone as robust demand and limited supply drive prices upward. The metal has experienced a near 160% increase this year, surpassing the performance of both gold and silver. This safe-haven asset has seen intensified buying amid growing geopolitical tensions, such as U.S. sanctions and blockade measures on Venezuelan oil shipments, military operations against Islamic State targets in Nigeria, and the ongoing conflict between Russia and Ukraine. Industrial demand is also on the rise, spurred by the European Union's initiatives to relax the 2035 ban on internal combustion engines. Chinese demand continues to be strong, and the recent introduction of platinum futures contracts on the Global Futures Exchange (GFE) has expanded market participation and liquidity. Supply challenges remain, with disruptions in South Africa likely leading to a third consecutive year of a 692,000-ounce deficit. Meanwhile, above-ground inventories have decreased to only five months' worth of global consumption, marking the lowest level since 2020.