Analysts lift 2026 price forecasts for platinum and palladium after 2025 rally

Analysts have raised their 2026 price forecasts for platinum and palladium following strong rallies this year, driven by tight supply and shifting investor demand. Platinum is expected to average $1,550/oz and palladium $1,262.50/oz next year.

Platinum and palladium have seen remarkable gains in 2025, with spot prices up about 76% and 56% respectively, supported by gold’s record-breaking rally and outflows from U.S. ETFs. Analysts cite tight mine supply, tariff uncertainties, and rotation from gold investments as key drivers behind the metals’ strong performance and continued bullish outlook.

Standard Chartered analyst Suki Cooper noted that platinum remains deeply undersupplied and could reach new highs in 2026, aided by potential futures contracts in China and easing of supply pressure from ETF outflows. The median forecast from a survey of 30 analysts projects platinum averaging $1,550/oz next year, up from $1,272/oz just three months ago.

Palladium faces additional concerns from possible U.S. tariffs on imports from major producer Russia, while electric vehicle adoption continues to influence demand expectations. Despite these uncertainties, the median forecast sees palladium rising to $1,262.50/oz in 2026, reflecting optimism that the market will remain tight and prices supported.