Platinum surges almost 3% today, rising to $1240 per ounce, the highest level since May 2021. Demand from jewellers (especially in China), pressured by rising gold prices also lifts platinum up, tightening the spot market. Platinum lease rate is surging since the beginning of 2025, to almost 15% level today, the highest since data are collected (2019).
Strong prices momentum with the biggest weekly price swing since Covid-19 crash leads to massive liquidation of bearish positioning, making speculators pressured by market 'short squeeze' structure. What's important, not only platinum but also gold and silver are surging, supporting 'technicals' and general interest in platinum as the most rare precious metal.
According to the World Platinum Investment Council, market tightness is observed since December 2024 and deficit in 2025 is a base case scenario, despite NYMEX outflows. Holdings in platinum-backed exchange-traded funds (ETFs) have reached a 10-month-high. Platinum futures are slightly above spot prices now.
Source: xStation5
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