Platinum outperforms gold & silver; price soars 57% in 2025

Gold and silver have captured the spotlight this year, rising 38% and 43% respectively. Still, platinum has quietly outpaced both, emerging as 2025’s top-performing precious metal with prices soaring nearly 57% year-to-date, including a striking 28% surge in June, its largest monthly gain in decades.

Supply pressures are expected to persist, with mine output projected to fall 6% in 2025, and South Africa facing its weakest production in 25 years outside of strikes or shutdowns. On the demand side, automotive use remains resilient despite tariffs and the push toward electric vehicles, while jewellery demand is expected to grow 11%, driven by buyers in China and India seeking a cheaper alternative to gold. Investment interest, particularly in bars, coins, and ETFs, is also rising. WPIC highlights that platinum’s steep discount to gold continues to support both jewellery and investment flows.

The World Platinum Investment Council (WPIC) forecasts that the rally may continue, citing a projected global platinum deficit of 850,000 ounces this year, following a 968,000-ounce shortfall in 2024. Consecutive annual deficits have already reduced above-ground stocks by 46% since the end of 2022, leaving inventories at their lowest in over a decade.