A sharp price jump and fresh supply-focused research this week pushed platinum into the spotlight. Bank of America raised its 2026 price target amid tight physical balances and geopolitical risks, while Metals Focus flagged multi-year deficits driven by falling mine output. These concrete developments underpin a bullish near-term tone but leave investors weighing supply rigidity against demand uncertainty in autos and recycling.

Platinum surged this week as deepening physical deficits, constrained South African output and renewed expectations of Fed rate relief pushed prices higher. Analyst upgrades, low inventories (about five months of demand cover) and tariff/disruption concerns amplified the move, creating a near-term bullish setup for investors and industrial users.

Platinum surged this week as major banks raised 2026 price targets amid dwindling inventories, persistent supply deficits and renewed industrial demand. Investor flows, ETF accumulation and regional jewelry demand add upside risks to prices.

Platinum prices fell 4.1% on January 7 amid dollar strength and profit-taking, but underlying fundamentals remain tight after a 2025 supply deficit of about 692,000 ounces. The World Platinum Investment Council sees a conditional small surplus for 2026, while ETF flows, South African production issues, and macro moves will dictate near-term direction.

Platinum surged to record highs after the EU abandoned its 2035 combustion-engine ban, triggering immediate industrial demand for autocatalysts, ETF inflows and a sharper-than-expected supply deficit. Structural inventory drawdowns, stronger Chinese bar-and-coin demand and new domestic futures trading compounded the rally.

Platinum surged to multi-decade highs last week amid mounting supply deficits and rising investment demand. WPIC forecasts and trading activity point to tightening physical availability, sustained automotive and jewelry consumption, and shrinking above-ground stocks—factors that together underpin the recent rally and support a bullish near-term outlook.