Deficit and Demand Keep Platinum Rising. Forecast as of 03.10.2025
The white metal has gained more than 75% in 2025. Platinum is outperforming both silver and gold. Strong investment demand, a favorable backdrop, and growing popularity in jewelry are pushing XPTUSD higher. Let’s discuss it and make a trading plan.
The article covers the following subjects:
Major Takeaways
- Platinum’s deficit will total 850,000 ounces in 2025.
- Jewelry demand has reached its highest level since 2015.
- Supply will contract by 3%.
- Long positions on XPTUSD targeting 1,700 and 1,800 remain in play.
Monthly Fundamental Forecast for Platinum
Sometimes the brightest stars are hidden behind the giants. Investors are thrilled with gold’s seven-week rally. But there are assets that look even stronger in 2025. Gold, the leader among precious metals, has risen 47% since the start of the year, while silver is up 61%. Yet platinum has outshone them all with a 76% gain, with most gains since early June. Strong investment demand amid a persistent shortage is only part of XPTUSD’s success. Investors are starting to recognize its true value — and that’s a different story.
The World Platinum Investment Council expects the market to remain in deficit for a third consecutive year. In 2025, the deficit may reach 850,000 ounces. While smaller than in the past, it’s still enough to keep XPTUSD bulls confident. The deficit represents 15% of demand, and it’s hard to imagine demand falling enough to send prices back to June levels.
Platinum Market’s Supply/Demand Balance
Source: WPIC.
If the global economy slows sharply, led by the US, the US dollar may weaken. This would create a favorable environment for gold and the broader precious metals sector. In turn, platinum investment demand — already strong in 2025 — would only grow further.
Meanwhile, industrial and jewelry demand remain dominant. A wide price gap between gold and platinum is driving interest in jewelry made of platinum. WPIC data indicate that jewelry demand is expected to increase by 11% in 2025, with a notable 42% rise in China. In the first half of the year, demand hit 1.2 million ounces, the highest level since 2015.
Platinum Demand Structure 2024–2025
Source: WPIC.
WPIC also notes that current prices are not enough to spark a sharp increase in mining output. Production is expected to decline by 3% this year to just over 7 million ounces.
Thus, a persistent deficit, strong investment demand, and rising popularity in jewelry due to its significant price discount to gold are all driving XPTUSD higher. How long can the rally last?
For now, there are no signs of a serious correction, let alone a reversal of the uptrend. Fed monetary easing, stagflation risks, and geopolitics create an ideal environment not only for gold but also for other precious metals. Unsurprisingly, they are leading the way in global financial markets.
Monthly Trading Plan for XPTUSD
Platinum stands out and will continue to do so. With strong demand, steady investment flows, and limited supply, traders should stay focused on buying platinum. Use XPTUSD pullbacks to build long positions, targeting 1,700 and 1,800.
This forecast is based on the analysis of fundamental factors, including official statements from financial institutions and regulators, various geopolitical and economic developments, and statistical data. Historical market data are also considered.
Price chart of XPTUSD in real time mode
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