Macau, China, Dec. 23, 2025 (Lusa) - Platinum prices have risen more than 110% in just one year, far outstripping the rise in the price of gold, which recorded an increase of approximately 65% over the same period, according to an analysis by the China Economic Net news website (CEN).
"After years of lethargy, platinum has returned to the spotlight this year with impressive gains," the financial publication noted on its website.
Data shows that on 22 December, spot platinum - the current, real-time price for immediate delivery - rose to over US$2,000 (€1,700) per ounce during the session, reaching its highest level since late July 2008.
"The current price of platinum is still less than half that of gold, but its appreciation since the beginning of the year has far exceeded that of the latter," said Liu Qi, an analyst at China Economic.
A report by the London-based World Platinum Investment Council (WPIC) released on last Friday notes that "platinum has broken out of its post-pandemic trading range to become one of the best-performing commodities of the year."
The price of this metal "rose sharply from May onwards and in October reached a 14-year high of US$1,736 per ounce (€1,474), continuing to rise since then," the institute adds.
Liu attributes the sharp rise to changes in both supply and demand. "On the one hand, supply is contracting," he said.
South Africa, which accounts for more than 70% of global platinum production, faces production constraints due to ageing mines, persistent energy shortages and extreme weather conditions.
Data released by WPIC in November indicated that the platinum market will see a significant deficit for the third consecutive year in 2025, with an estimated shortage of 22 tonnes.
"On the other hand, demand is growing," Liu explained. Known as the "industrial vitamin," platinum is finding new value in the global transition to green energy. The metal plays a crucial role in the production of hydrogen, fuel cells and other green technologies.
Meanwhile, high gold prices, which peaked at a record high of over US$4,380 (€3,719) per ounce in October, have also increased the appeal of platinum.
"As the prices of jewellery and gold bars have risen, the more cost-effective platinum has become an attractive alternative, leading to significant growth in demand," Liu added.
WPIC forecasts support this trend. The analysis institute projects that global demand for platinum jewellery will increase by 7% year-on-year in 2025 to 67 tonnes, the highest level since 2018. Investment demand is expected to grow by 6% to 23 tonnes.
It should be noted that the Chinese market has become one of the main drivers of investment demand. The WPIC report estimates that total global demand for platinum bars and coins will surge 47% in 2025 to 16 tonnes, a four-year high. Of this total, the Chinese market is expected to account for 13 tonnes.
"Despite the recovery, the price of platinum remains historically undervalued and significantly below the price of gold, and recent price developments suggest a period of healthy consolidation, supported by solid fundamentals," notes the latest WPIC report.
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