Platinum extended its surge as the market for the precious metal strains under signs of severe tightness.

Spot prices jumped as much as 4.6%, following last week’s 10% increase, to trade above $1,200 an ounce, the highest level since May 2021. The implied cost of borrowing the precious metal for one month peaked in data going back six years, while holdings in platinum-backed exchange-traded funds reached a 10-month high.

The bullish signals come as the market heads for another year of deficit. A dramatic outflow of platinum to the US in the first few months of 2025 — over fears that imports would be subject to President Donald Trump’s tariffs — also pushed up the cost of