The rally of platinum futures on the NYMEX, which increased by about 4% last week, reflects strong demand and a persistent supply deficit, fueling the upward trend. The platinum price rose to about $1,454 per ounce on July 11, 2025, marking a monthly increase of over 13%, making it the best-performing precious metal in 2025 with an increase of around 54% since the beginning of the year.
Impact of Tariffs and Trade Tensions
Tariffs and trade tensions play an important role: The announcement of high U.S. tariffs on imports from Canada (35%) as well as further tariff increases against other trade partners have heightened uncertainty and driven investors to safe havens such as platinum. These geopolitical factors amplify demand for the metal.
Persistent Supply Deficit
Moreover, the supply is burdened by repeated deficits: A deficit of nearly one million ounces was recorded for 2024, and a similar shortfall is expected for 2025. This supply deficit is primarily due to increasing industrial demand – especially from the automotive industry – as well as Chinese investments in platinum.
The gold-platinum ratio has shifted significantly in favor of platinum (from a high of 3.6 in April to about 2.4), highlighting renewed investor interest. While gold continues to remain in demand (+31% since the beginning of the year), platinum significantly outpaces this increase (+46%), as it is increasingly seen as an attractive investment.
Technical Price Forecast
Technically, another price jump up to $2,000 per ounce is even considered possible, as momentum is strong and platinum is increasingly separating itself from the shadow of other precious metals like gold or silver.
Conclusions
- Platinum is currently benefiting greatly from trade tariffs and geopolitical tensions, which favor safe investments.
- A persistent supply deficit coupled with rising industrial demand continues to drive the price higher.
- The rally is making platinum the most attractive precious metal investment of the year with potential for further price gains.
- Investors should accordingly adjust their strategies based on these developments.
These factors make the recent price rally of platinum highly relevant for investors in the commodity sector.