Platinum set for strong monthly gain

Platinum traded near $1,600 per ounce at the end of September and was on track to rise about 17% for the month as global uncertainties fueled safe-haven demand for precious metals alongside gold and silver.

Support came from falling interest rates, widening fiscal deficits in major economies and persistent above-target inflation that continued to erode currency values.

Still, risks remain, with a potential inflation rebound and renewed central bank tightening threatening the rally.

Platinum also lagged behind gold and silver due to its reliance on the automotive sector and catalytic converters in diesel engines, where demand has been steadily falling.

On the supply side, the World Platinum Investment Council expects South Africa’s mine production to drop 6% this year.

Recycling has picked up modestly but remains historically low, leaving total supply projected to shrink 3% to 7.03 million ounces in 2025.