Why is platinum going down?

What's been moving platinum lately

As of October 22, 2026

Platinum has been falling. It settled at $1,625.50 an ounce in New York futures trading on October 21, about 10% lower than a month earlier and 43% below its 2026 high settlement of $2,852 on January 26, when it set a record of $2,923. It is still about 8% higher than a year ago.

Platinum roughly tripled from the start of 2025 to that record. The World Platinum Investment Council credits Chinese jewelers switching to platinum, a new platinum futures contract on China's Guangzhou exchange, metal pulled into U.S. warehouses on tariff fears, and expected rate cuts.

It fell back with the other metals at the end of January. Investors then pulled about 700,000 ounces out of platinum funds in the first half of the year, and Chinese jewelry demand fell 32% in the second quarter. In September the council changed its 2026 forecast from a shortfall to a small surplus of 265,000 ounces, "overwhelmingly due to investment outflows" rather than more mining.

Since the Federal Reserve raised rates on September 16, platinum has fallen to a three-month low. The council expects it to follow precious metals generally, with room to rise if further rate increases don't come.

What makes platinum go down

• Weak car sales and electric cars. Fully electric cars have no catalytic converter, and fewer diesels are sold in Europe than a decade ago.
• A slowing economy. Platinum is mostly an industrial metal, so its price follows factory output and car sales.
• More recycling. High prices bring more old converters and jewelry in for recycling, adding supply.
• Investors selling. Platinum's market is small, so selling by funds and traders moves the price sharply.

The same forces work in reverse: see why platinum goes up.

What it means if you're selling

We buy metal; we don't forecast prices, and nothing here is investment advice. What we can tell you is how the price reaches your payout. We pay 95% of the platinum value for platinum bullion and coins. Coins and bullion are priced at the Kitco bid when we verify your package, so a move in the price before then moves your payout with it. Our bids page shows today's numbers live.

Sources for the recent moves

• Federal Reserve statement, September 16, 2026.
• World Platinum Investment Council, factors underpinning platinum's all-time high, February 12, 2026.
• World Platinum Investment Council, Platinum Quarterly, Q2 2026, September 9, 2026.
• Trading Economics, platinum, October 2026.

Prices above are New York futures settlement prices; the live price at the top of this page is the Kitco bid.

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