WPIC – Platinum Quarterly, Q4 2025
Summary
The platinum market recorded a third consecutive deficit in 2025, with the largest shortfall since 2013.
The report analyzes platinum market supply and demand for Q4 2025, the full year 2025, and provides a forecast for 2026. Key findings include a more than doubling of platinum prices in 2025 due to sustained deficits and favorable investor sentiment, a 1% decrease in total supply, and a 1% increase in demand driven by investment and jewellery growth. The 2026 forecast expects a smaller market deficit with supply increasing and demand decreasing.
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