Platinum prices rose to their highest level since August 2014 on Friday (July 18). Spot platinum gained 0.1% to $1,458.80 per ounce.In India, platinum costs ₹4,043 per gram or ₹40,430 per 10 grams, as per Goodreturns. Platinum is popular for engagement and wedding rings but less used for other jewellery items like earrings or pendants.
Platinum is one of the world’s rarest metals. It is vital in making automotive catalytic converters, fine jewellery, petrochemicals, and emerging hydrogen tech.
According to the International Banker, platinum futures have jumped 60% so far this year on the New York Mercantile Exchange. Prices climbed about 40% in the first half and 28% in June alone.
The rally is mainly due to tight supply. The World Platinum Investment Council said the market faces a third straight year of large deficits. The deficit is close to one million troy ounces in an eight-million-ounce market.Edward Sterck, Research Director at WPIC, called it a “structural deficit.” He projected a 966,000-ounce shortfall for 2025.
Platinum is one of the world’s rarest metals. It is vital in making automotive catalytic converters, fine jewellery, petrochemicals, and emerging hydrogen tech.
According to the International Banker, platinum futures have jumped 60% so far this year on the New York Mercantile Exchange. Prices climbed about 40% in the first half and 28% in June alone.
The rally is mainly due to tight supply. The World Platinum Investment Council said the market faces a third straight year of large deficits. The deficit is close to one million troy ounces in an eight-million-ounce market.Edward Sterck, Research Director at WPIC, called it a “structural deficit.” He projected a 966,000-ounce shortfall for 2025.
South Africa, the top producer, has seen steep production cuts. Bad weather, mine breakdowns, and supply chain issues hurt output. According to Novus Group, platinum-group metals mining dropped over 24% year-on-year in April.
Recycling supply is also down. Above-ground stockpiles are shrinking and can cover less than four months of demand. Experts say that’s unsustainable if demand holds up.
-With Reuters inputs
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First Published: Jul 18, 2025 11:57 AM IS
