Metals Focus forecasts platinum prices will rise 71% in 2026. The firm expects a fourth consecutive year of significant supply deficits to tighten the market.
Above-ground inventories have reportedly fallen to cover less than three months of global demand. Automotive demand remains resilient despite the increasing adoption of electric vehicles.
Industrial consumption is growing, supported by platinum use in AI-related infrastructure. Investment demand for bars and coins is projected to reach a six-year high.
This bullish outlook contrasts with Heraeus Precious Metals, which anticipates price consolidation in 2026. Platinum traded lower today despite the forecast of a fundamental supply-demand imbalance.