Our platinum price prediction for 2025 is mildly bullish. Platinum is forecasted to move between lows of $880 and highs of $1,250. Platinum will only exceed $1,250 in case of stronger than expected industrial demand.

RELATED – Platinum Price Seasonality Charts Suggest An End Of Year Rally Could Be Underway?

Platinum, often referred to as a “precious metal with industrial strength,” is expected to significantly lag the yellow metal (gold) and grey metal (silver).

Platinum has unique properties and market dynamics that make it a fascinating case for analysis. However, the chart and leading indicator don’t look overly fascinating when it comes to price expectations in 2025.

Ultimately, however, platinum should react to the upside at a later stage in a matured gold and silver bull market. That might be in 2026 or 2027.

Platinum has a track record of following gold and silver, during a precious metals bull market, but as the laggard.

In this article, we explore key factors influencing platinum prices in order to conclude with a platinum price prediction for 2025 based on various scenarios.

The state of the platinum market in 2024

As we approach 2025, it’s crucial to understand where platinum currently stands.

In 2024, platinum experienced a relatively volatile year with supply constraints driven by:

• Geopolitical risks and labor strikes in major producing regions like South Africa;
• Fluctuating demand from the automotive and jewelry sectors.
• Weakness in the green energy space and EV sector.

Those factors led to significant price movements.

The metal traded within a range, showing resilience but also facing headwinds from broader macroeconomic uncertainties.

Needless to say, as these factors may continue to influence the platinum market, we have to factor this in when analyzing the platinum price prediction scenarios for 2025.

Platinum supply and demand dynamics

Platinum’s supply Side

Platinum’s supply is heavily concentrated, with South Africa accounting for nearly 70% of global production. This heavy reliance on a single region makes the platinum supply chain highly vulnerable to localized disruptions.

In recent years, factors such as labor strikes, energy shortages, and regulatory changes have impacted production levels, leading to supply squeezes.

These issues are likely to persist into 2025, keeping supply relatively tight.

Platinum’s demand Side

On the demand side, platinum plays a crucial role in various industries.

The automotive sector is a significant consumer of platinum, primarily for catalytic converters in hybrid vehicles and the emerging hydrogen fuel cell market.

While the push towards green energy and decarbonization is expected to boost demand for platinum in hydrogen-related technologies, it is also clear that this green energy space has been tremendously weak in 2024.

Here is an illustration of an industrial trend that may potentially serve as a catalyst on platinum’s demand side – Hybrid cars throw lifeline to platinum metals:

• Demand for plug-in hybrids surges as EV take-up slows
• Some plug-in hybrids require more PGMs than petrol cars
• PGM market volatility could pick up if supply curtailed

Additionally, platinum is used in jewelry, electronics, and as a catalyst in various chemical processes, further diversifying its demand base.

Investment demand and green energy transition

Platinum is increasingly seen as a strategic investment asset.

Compared to gold and silver, platinum has a smaller market and often exhibits more volatility.

The green energy transition is a significant factor to watch. The use of platinum in hydrogen fuel cells and electrolysis processes is expected to grow as countries push towards carbon neutrality.

This shift could provide tailwinds for platinum demand in the coming years but only once strength returns in the green energy sector.

More important for now are trends in platinum exchange-traded fund (ETF) holdings.

As seen below, there is a very strong correlation between the price of platinum and platinum ounces held in ETFs, particularly since 2009. No surprise, in recent years total ounces held in ETFs are flat, similar to platinum’s price.

Platinum price correlation with the price of silver

Platinum and silver, while both considered precious metals, often exhibit different price dynamics.

However, there is a historical correlation between the two, particularly during precious metals bull markets. Silver’s dual role as an industrial metal and a store of value can influence platinum prices.

Silver and platinum started diverging in 2024, as seen below, after they were strongly correlated between 2012 and 2023.

Our suspicion is that silver will need to stage a strong bull run before platinum will be ‘FOMOed’, and restore the decade long correlation.

January 3d – Platinum is weakening relative to silver. This relative underperformance may last for a little longer but history has shown that platinum will follow silver at some point in time. With a long term bullish silver prediction we believe platinum will also react to the upside although this may after 2025.

In 2025, if silver enters a strong bull market due to factors like inflation hedging, increased industrial demand, or speculative buying, platinum could benefit from a similar uptick in interest.

Monitoring the correlation between these two metals could offer valuable insights for investors considering platinum.

Platinum price charts

The secular platinum price chart has a long term triangle structure as seen on below chart.

The only positive attribute of this chart pattern is the higher highs in the last 2 years.

Until and unless $1,250 is cleared, there is no bull market in platinum.

January 3d – The long term chart pattern on platinum’s price chart starts looing pretty bullish. The triangle is bullish. It may take many months (even quarters) until the bullish nature of this pattern materializes. For a confirmed bullish breakout the following conditions need to be in place: platinum needs to move above the long term falling trendline, remain there for at least 3 months with closing prices above the falling trendline.

The weekly platinum price chart with its 90 week moving average illustrates our point made above.

January 3d – The consolidation on platinum’s weekly chart is orderly. In fact, this consolidation starts looking very bullish. When combining the data outlined above with the consolidation shown below, we conclude that any catalyst can spark a fire on the platinum chart. There has to be a demand side catalyst in 2025 though.

A platinum price prediction for 2025

Based on the factors discussed, we can outline several potential scenarios for platinum prices in 2025:

Sideways scenario

This is our expected platinum price prediction scenario. Platinum prices remain relatively stable, trading sideways. The market could see moderate growth in demand from green energy technologies. It will not be enough to cause a significant price surge. Probability: 45%.

Bullish scenario

Should the green energy space become attractive again from an investing perspective, platinum prices could rise to around $1,250 per ounce. This scenario assumes steady supply-side challenges. It also suggests a moderate increase in investment demand. Probability: 35%.

Very bullish scenario

In a highly optimistic case, a strong surge in demand could see platinum prices reaching $1,500 per ounce. Even in case the price of silver would rise strongly, which would be consistent with our silver forecast, we believe platinum will be lagging until 2026 or 2027. Probability: 10%.

Bearish scenario

Conversely, if demand growth weakens, platinum prices could drop below $800 per ounce. Probability: 10%.

Conclusion

Platinum’s price outlook for 2025 is shaped by a combination of supply constraints, growing demand from green energy sectors, investor sentiment, platinum ETF demand, and its correlation with silver.

The market presents several potential scenarios, ranging from sideways trading to a significant price rally or decline.

As always, investors should keep an eye on the evolving dynamics of the platinum market, especially its relationship with silver and its role in the green energy transition, to make informed investment decisions.

• Gold price keeps its range near $2,640, as US employment data will trickle in on Tuesday.       
• The US Dollar holds recovery following Trump’s tariffs plan-led steep sell-off.
• Technically, Gold price awaits a range breakout as the daily RSI trades neutral.  

Gold price is battling the short-term critical barrier at around $2,635 early Tuesday, consolidating the two-day corrective decline from three-week highs of $2,665. Gold traders refrain from placing fresh directional bets ahead of the top-tier US ISM Services PMI and JOLTS Job Openings data.

Gold price eyes US data for fresh trading impetus

Despite Monday’s two-way price movement, Gold price remains confined in a familiar range as traders weigh the latest reports surrounding incoming US President Donald Trump’s tariff plans and the US economic data releases for a clear direction heading into Friday’s US Nonfarm Payrolls data release.

Gold price reversed the Asian bounce and fell as low as $2,615 in the European session on Monday on fading China’s stimulus optimism and sagging physical Gold demand from India. The rising domestic Gold prices due to the depreciation of the Indian Rupee (INR) to record low dampened demand for the bright metal from the world’s no. 2 Gold consumer.

Further, Goldman Sachs pushed back its forecast of Gold reaching $3,000 per ounce, initially expected by the end of 2025. This also exerted downward pressure on Gold price.

However, Gold price found fresh buyers in American trading after the US Dollar (USD) fell steeply across the board following a report from the Washington Post (WaPo) that Trump’s aides were exploring plans that would apply tariffs only on sectors seen as critical to US national or economic security.

Trump quickly denied the report in a post on his Truth Social platform, which allowed the Greenback to recover some ground, prompting Gold price to settle in the red.

Later this Tuesday, speculations around Trump’s tariff plans, the US jobs data and the broader market sentiment will play a pivotal role in the Gold price action. Meanwhile, a speech by Richmond Federal Reserve (Fed) President Thomas Barkin on the economic forecast will be closely scrutnized for gauging the Fed next policy move.

Gold price technical analysis: Daily chart

The daily chart shows that the 14-day Relative Strength Index (RSI) trades listlessly at the 50 level, leaving Gold price gyrating in a narrow range.

In doing so, Gold price clings to the 21-day Simple Moving Average (SMA) at $2,636 after failing to sustain above it on a daily closing basis on Monday.

The immediate support is now seen at the 100-day SMA at $2,627, below which the door will open for a retest of the previous week’s low of $2,596.

Ahead of that, the previous day’s low of $2,615 will offer some support to Gold buyers.

If Gold buyers regain control above the 50-day SMA barrier at $2,648, the next relevant topside barrier is seen at the three-week high of $2,665.

Further up, the $2,700 level will challenge bearish committments.

Gold Talking Points:

The slowing of volatility in gold has been noticeable of late and that’s particularly true if looking at the weekly chart. After a ripping up-trend started in Q1 of last year and ran clearly through the Q4 open, the past two months and a week have been less enthusiastic for bulls. But this doesn’t necessarily mean that buyers are finished as the symmetrical triangle on the below chart, when combined with the bullish trend that pushed into that formation, can be argued as a bull pennant formation. Such formations are common as an illustration of consolidation after a strong bullish move, as a combination of profit taking from prior longs and late-stage bullish press from buyers trying to bid support on pullbacks can lead to a narrowing in price action, such as we’ve seen since both the late-October and mid-November inflection points.

Normally, bull pennants are approached with aim of topside continuation. I look at the formations more neutrally, however, as prolonged consolidation doesn’t always carry the prior bias. But given the build of higher-lows after a move that priced in as much as a 40.6% gain last year, bulls can’t yet be counted out.

Gold Weekly Price Chart

Chart prepared by James Stanley; data derived from Tradingview

Gold Shorter-Term

The 2721 level was a big spot for gold last year, helping to set swing highs in both late-November and then in December. That second inflection led to a higher-low along with a test below $2600, which then held the lows last week to allow for yet another higher-low, further substantiating the support trendline making up the triangle formation.

The bounce from the $2600 support test led to a short-term higher-high, and the pullback from that appears to be grasping to retain support around prior resistance from the $2633-$2639 zone.

This could be construed as a bullish short-term bias but it’s important to qualify that this is all taking place inside of the longer-term or bigger picture consolidation of the symmetrical triangle.

Gold Daily Chart

Chart prepared by James Stanley; data derived from Tradingview

Gold Even Shorter-Term

From the four-hour we can see a busy start to the week for gold prices and the most recently completed four-hour candle printed as a long-legged doji. This provides some scope of shorter-term support and resistance levels, as it was the 2650 level that seemed to deter bulls earlier in the morning, after which prices dipped down to just below 2615.

A breach of either of those prices could be construed as a short-term directional move; and for deeper support, there’s the trendline projection currently plotted around $2604, after which the $2600 level comes into the picture. For topside, a breach of $2650 opens the door for re-test of $2657, after which last week’s high comes into the picture at $2664 and that’s followed by the Fibonacci level at $2674.

Gold Four-Hour Price Chart

Chart prepared by James Stanley; data derived from Tradingview

— written by James Stanley, Senior Strategist

Trend Support Leads to Rally

On Friday, natural gas closed below the 20-Day MA, a bearish sign. Of course, today’s bullish reversal negates that potential bearish clue. It is interesting to note the on each of the past three pullbacks, there was only one day that closed below the 20-Day line, and then it was quickly followed by a reclaim of the 20-Day line and a daily close above it. That is the situation today.

Bearish Weekly Shooting Star Pattern is a Concern

Of concern is the bearish shooting star weekly candlestick pattern (not shown) that completed last week. It includes a long top shadow followed by a close near the lows of the week’s price range. Whether silver resolves to the downside or upside, it adds risk to the rally. A new trend high is not triggered until there is a rally above last week’s high of 4.20. That is a way up.

200-Week MA is at 3.88

Before encountering potential resistance around the trend high, the 200-Week MA would need to be reclaimed. It is now at 3.88. It should be noted that the 200-Week line was reclaimed in each of the past two weeks but there has not yet been a weekly close above the 200-Week. Therefore, another daily close above the 200-Week line at 3.88 would show strength. Maybe, enough strength to see a challenge to the recent trend high. Until then the expectation is for choppy trading with last week’s price range of 4.20 to 3.33.

For a look at all of today’s economic events, check out our economic calendar.

• Silver prices climb over 1%, hitting the crucial 200-day SMA at $29.87.
• Technical forecast suggests resistance at $30.00 and the dual SMA levels of $30.73/77, setting the stage for potential gains to $31.00.
• Support levels loom at December’s low of $28.74, with further downside risk at the early September low of $27.69.

Silver’s price rose over 1% on Monday and faces key resistance at the 200-day Simple Moving Average (SMA) at $29.87. At the time of writing, XAG/USD trades at $29.87 after bouncing off a daily low of $29.41 and reaching a high of $30.34.

XAG/USD Price Forecast: Technical outlook

Silver is facing strong resistance at $29.87, the 200-day SMA, which is crucial for buyers if they want to push spot prices higher. The uptrend remains intact, yet bulls need to clear the latter, followed by the $30.00 mark.

Up next is the confluence of the 50 and 100-day SMAs at $30.73/77, followed by $31.00 a troy ounce.

Conversely, if XAG/USD falls short of clearing the 200-day SMA, sellers could challenge the December monthly low of $28.74, followed by the September 6 low of $27.69.

XAG/USD Price Chart – Daily

Gold Talking Points:

The slowing of volatility in gold has been noticeable of late and that’s particularly true if looking at the weekly chart. After a ripping up-trend started in Q1 of last year and ran clearly through the Q4 open, the past two months and a week have been less enthusiastic for bulls. But this doesn’t necessarily mean that buyers are finished as the symmetrical triangle on the below chart, when combined with the bullish trend that pushed into that formation, can be argued as a bull pennant formation. Such formations are common as an illustration of consolidation after a strong bullish move, as a combination of profit taking from prior longs and late-stage bullish press from buyers trying to bid support on pullbacks can lead to a narrowing in price action, such as we’ve seen since both the late-October and mid-November inflection points.

Normally, bull pennants are approached with aim of topside continuation. I look at the formations more neutrally, however, as prolonged consolidation doesn’t always carry the prior bias. But given the build of higher-lows after a move that priced in as much as a 40.6% gain last year, bulls can’t yet be counted out.

Gold Weekly Price Chart

Chart prepared by James Stanley; data derived from Tradingview

Gold Shorter-Term

The 2721 level was a big spot for gold last year, helping to set swing highs in both late-November and then in December. That second inflection led to a higher-low along with a test below $2600, which then held the lows last week to allow for yet another higher-low, further substantiating the support trendline making up the triangle formation.

The bounce from the $2600 support test led to a short-term higher-high, and the pullback from that appears to be grasping to retain support around prior resistance from the $2633-$2639 zone.

This could be construed as a bullish short-term bias but it’s important to qualify that this is all taking place inside of the longer-term or bigger picture consolidation of the symmetrical triangle.

Gold Daily Chart

Chart prepared by James Stanley; data derived from Tradingview

Gold Even Shorter-Term

From the four-hour we can see a busy start to the week for gold prices and the most recently completed four-hour candle printed as a long-legged doji. This provides some scope of shorter-term support and resistance levels, as it was the 2650 level that seemed to deter bulls earlier in the morning, after which prices dipped down to just below 2615.

A breach of either of those prices could be construed as a short-term directional move; and for deeper support, there’s the trendline projection currently plotted around $2604, after which the $2600 level comes into the picture. For topside, a breach of $2650 opens the door for re-test of $2657, after which last week’s high comes into the picture at $2664 and that’s followed by the Fibonacci level at $2674.

Gold Four-Hour Price Chart

Chart prepared by James Stanley; data derived from Tradingview

— written by James Stanley, Senior Strategist

XAU/USD Current price: $2,639.05

• Speculation about upcoming US tariffs put financial markets on alert on Monday.
• The focus this week will be on the United States and employment-related data.
• XAU/USD extends its consolidative phase as bulls pause but retain control.

Spot Gold fell to $2,614.44 early in the American session but bounced from such a low and stabilized around its daily opening in the $2,630/40 price zone. The US Dollar (USD) started the day with a soft tone, but came under strong selling pressure mid-European session amid political headlines from the United States (US).

The Washington Post reported that Donald Trump’s transition team was working on narrowing tariffs, focusing only on key sectors deemed vital to national security, such as defence,  medical supplies, and energy, narrowing the universal tariffs plan that generated concerns. Speculative interest jumped into high-yielding assets, ignoring XAU/USD.

Still, and after Wall Street’s opening, upcoming US President Donald Trump denied the headlines, saying that the story about paring back tariffs was wrong. His words boosted the USD, pushing the bright metal towards the mentioned low and putting stock markets in retreat mode.

As the dust settled, equities recovered, while the USD trimmed part of its intraday losses yet remains in the red against most major rivals. The mood remains upbeat, maintaining market players away from XAU/USD.

This week, the focus will be on US employment figures, as the country will release different figures ahead of the Nonfarm Payrolls (NFP) report, scheduled for next Friday.

XAU/USD short-term technical outlook

The XAU/USD pair has been trading around the current level for six weeks in a row, with spikes on one side or the other being reverted, a sign investors are comfortably waiting for a powerful catalyst to justify higher highs. In the daily chart, the bright metal hovers around a flat 20 Simple Moving Average (SMA) while buyers defended the downside at around a bullish 100 SMA, now providing dynamic support at $2,624.98. Technical indicators, in the meantime, remain within negative levels, albeit with uneven directional strength, reflecting buyers’ pause.

The near-term picture suggests the bullish potential is limited. The 20, 100 and 200 SMAs converge in a tight range in the $2,640 region, rejecting advances. Finally, technical indicators have pared their slides but remain below their midlines. Gold may turn bullish if it manages to retain gains beyond the 2,665 level, where it topped in early January.

Support levels: 2,624.90 2,611.20 2,596.00

Resistance levels: 2,649.50 2,665.10 2,678.85  

• Silver kicks off the new week on a weaker note and seems vulnerable to weakening further.
• The recent failures near the 200-day SMA validate the negative outlook for the XAG/USD.
• A sustained strength beyond the $30.00 mark is needed to negate the near-term bearish bias. 

Silver (XAG/USD) extends Friday’s modest pullback from the vicinity of the $30.00 psychological mark and edges lower at the start of a new week. The white metal drops below the mid-$29.00s during the Asian session and now seems to have stalled its recovery from a multi-month trough touched in December. 

From a technical perspective, the recent breakdown and repeated failures near the 200-day Simple Moving Average (SMA) favor bearish traders. This, along with the fact that oscillators on the daily chart are holding in negative territory, suggests that the path of least resistance for the XAG/USD is to the downside. Some follow-through selling below the $29.40 area will reaffirm the outlook and make the commodity vulnerable to weakening towards the $29.00 mark.

The downside trajectory could extend further towards the $28.75-$28.70 region, or the multi-month low, which should act as a key pivotal point. A sustained break below will set the stage for an extension of a well-established downtrend from the $35.00 neighborhood, or a multi-year peak touched in October. 

On the flip side, the $30.00 mark (200-day SMA) might continue to act as an immediate strong barrier, above a bout of a short-covering could lift the XAG/USD to the next relevant hurdle near the $30.50 area. The momentum could eventually allow the white metal to reclaim the $31.00 mark and test the $31.15-$31.20 supply zone.

Silver daily chart

• Gold price finds support and looks at $2,650 as the US Nonfarm Payrolls week begins.        
• The US Dollar corrects further despite firm US Treasury bond yields and a cautious mood.
• Technically, daily indicators continue to paint a bullish picture for Gold price.

Gold price is finding fresh demand early Monday as buyers look to regain $2,650 after correcting from three-week highs of $2,665 on Friday.   

Gold price looks to US data and China’s stimulus optimism

The renewed upside in Gold price could be linked to fresh optimism surrounding more stimulus coming through from China after the People’s Bank of China (PBOC) pledged over the weekend that it will step up financial support for technology innovation and consumption stimulation as part of a continued effort to boost economic growth, per Bloomberg. 

Additionally, Gold buyers cheer the strong Chinese Caixin Services PMI, which shot to a seven-month high of 52.2 in December versus 51.7 expected. China is the world’s biggest Gold consumer, and any efforts by the Chinese authorities to ramp up the economic performance will likely bode well for the bright metal.

Furthermore, markets remain wary of the upcoming policies of US President-elect Donald Trump and the US Federal Reserve (Fed), helping Gold price stay afloat even as the US Treasury bond yields continue to hold firm near multi-month highs.

The US Dollar (USD) has reversed strong US ISM Manufacturing PMI-led gains, currently trading in the red, aiding the Gold price rebound.

However, it remains to be seen if the USD sustains the pullback heading into the mid-tier US final PMI and Factory Orders data releases. Speeches by Fed policymakers will also remain crucuial to determining the Fed’s policy move this month, significantly impacting the USD-denominated Gold price.

Markets are also likely to trade cautiously, gearing up for a series of labor data from the US later this week.

Gold price technical analysis: Daily chart

The daily chart shows that the 14-day Relative Strength Index (RSI) remains above the 50 level, backing the bullish bias for Gold price.

Meanwhile, Gold price defends the 21-day Simple Moving Average (SMA) at $2,638 after failing to sustain above the 50-day SMA of $2,651 on Friday.

Gold buyers remain poised to regain the 50-day SMA barrier as long as the 21-day SMA support holds.

The next relevant topside barrier is seen at the three-week high of $2,665, above which the $2,700 level will come into play.

On the flip side, a sustained move below the 21-day SMA at $2,638 will expose the 100-day SMA at $2,627.

A daily candlestick close below the latter will open the door for a retest of the previous week’s low of $2,596.

• Gold price holds steady around $2,640 in Monday’s early Asian session.
• US Manufacturing PMI improved to 49.3 in December vs. 48.4 prior, stronger than expected. 
• Sustained geopolitical risks and a wave of purchases by central banks could lift the Gold price. 

The Gold price (XAU/USD) struggles to gain ground near $2,640 during the early Asian trading hours on Monday. The stronger US Dollar (USD) after the US ISM Manufacturing Purchasing Managers Index (PMI) weighs on the yellow metal. All eyes will be on the US labor market data for December on Friday for fresh impetus. 

Data released by the Institute for Supply Management (ISM) on Friday showed that the US Manufacturing PMI rose to 49.3 in December from 48.4 in November. This reading was above the market consensus of 48.4. The upbeat data has lifted the Greenback and dragged the USD-denominated commodity price lower. 

Furthermore, the US Federal Reserve’s (Fed) projection of fewer interest rate cuts could undermine the non-yielding asset. The US central bank decided to cut the interest rates in December but signaled that borrowing costs will fall more slowly than previously expected this year. 

On the other hand, economic uncertainties and geopolitical tensions might boost a safe-haven asset like Gold. On Sunday, Israel and Hamas wrangled over a deal to cease violence in the Gaza Strip and return hostages home as Palestinian officials said that Israeli bombardments killed over 100 people over the weekend.

Central bank purchasing activities could contribute to the precious metal’s upside. Central banks are forecast to continue to be net buyers of around 8 million oz. in 2025, roughly unchanged to a bit lower than in 2024.