Platinum Price Hits 4-Year High, Surges Past $1,270 Per Ounce

Platinum Price Surges to 4-Year High, Topping $1,270 per Ounce

Strong Rally in Platinum Leaves Gold Behind

The price of Platinum (XPT/USD) has surged to its highest level in four years, breaching the $1,200 barrier on Monday and continuing to climb as high as $1,270 per troy ounce. This marks a dramatic turnaround for the metal, which was trading near $900 just two months ago.

Year-to-Date Gains Exceed 40%

Since 20 May, platinum has gained 27%, and its year-to-date performance stands at 40%, outpacing gold, which has gained 27% in the same period. This resurgence reflects a long-overdue revaluation of platinum, which had remained suppressed despite years of tight supply conditions.

Delayed Market Reaction to Supply Tightness

For years, the physical platinum market has been under pressure from limited supply, but prices failed to reflect this imbalance. Occasional price spikes lacked momentum—until now. The recent surge appears to be a delayed response to persistent fundamentals, supported by investor sentiment and speculative interest.

Context: US Tariff Announcements and Market Shift

Platinum had dropped to $900 in early April, shortly after US President Donald Trump’s retaliatory tariff measures, before reversing course. The rebound turned into a breakout rally by late May, driven by improved demand outlook and a weakening US Dollar.

Outlook: Can Platinum Sustain the Rally?

As platinum enters price territory not seen since 2021, traders are now eyeing the potential for a further breakout or consolidation. Much depends on macro conditions, interest rate expectations, and continued supply constraints.