Why is platinum going up?

What's been moving platinum lately

As of October 22, 2026

Platinum has been falling, not rising. 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 up

• Supply problems. Most mined platinum comes from South Africa, where power shortages, flooding, and old, deep mines have held output back. Russia is the second-largest producer. Trouble in either moves the price.
• Shortfalls. The World Platinum Investment Council has reported demand above supply in recent years, drawing down the metal held in vaults.
• Catalytic converters. The biggest single use is catalytic converters, especially for diesel engines and hybrids, which still need them.
• Swapping for palladium. When palladium costs much more than platinum, automakers use more platinum in gasoline-engine converters.
• Jewelry and investors. Jewelry demand, above all in China, and buying of bars, coins, and platinum funds add to demand.

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

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.

Metal prices: Why is gold going up? · Why is gold going down? · Why is silver going up? · Why is silver going down? · Why is platinum going down? · Why is palladium going up? · Why is palladium going down? · Gold price history · Silver price history · Gold-to-silver ratio · What is the spot price? · All guides