Platinum futures traded above $2,000 an ounce, staying at their highest since April 22 as persistent tight supply conditions offset inflation risks from renewed Middle East tensions. Fresh clashes between the US and Iran in the Strait of Hormuz raised doubts about the month-long ceasefire and heightened worries over prolonged energy supply disruptions. The escalation revived inflation fears and reinforced expectations that central banks might keep interest rates higher for longer, dampening demand for the non-yielding metal. Still, investors focused on signs that the US is seeking to de-escalate tensions, while also awaiting Iran’s response to a proposal to reopen the strait. The platinum market also remains structurally tight, with output concentrated in South Africa and Russia, making production vulnerable to disruption. In South Africa, aging mines, high power costs, and only gradual gains from new projects continue to limit growth, while Russia faces sanctions-related constraints.

Platinum rose to 2,069.30 USD/t.oz on May 8, 2026, up 0.34% from the previous day. Over the past month, Platinum's price has fallen 2.03%, but it is still 107.97% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Platinum reached an all time high of 2923.70 in January of 2026. Platinum - data, forecasts, historical chart - was last updated on May 9 of 2026.

Platinum rose to 2,069.30 USD/t.oz on May 8, 2026, up 0.34% from the previous day. Over the past month, Platinum's price has fallen 2.03%, but it is still 107.97% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Platinum is expected to trade at 2072.17 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2405.63 in 12 months time.



Price Day Month Year Date
Gold 4,715.85 29.51 0.63% -0.99% 41.86% May/08
Silver 80.32 1.961 2.50% 6.65% 145.54% May/08
Copper 6.25 0.1215 1.98% 8.72% 35.65% May/08
Steel 3,244.00 -7.00 -0.22% 5.63% 6.40% May/08
Lithium 194,000.00 3500 1.84% 24.56% 197.32% May/08
Platinum 2,059.30 -3.00 -0.15% -2.50% 106.96% May/08
Iron Ore 110.93 -0.02 -0.02% 4.39% 12.56% May/08


Platinum
Platinum is mostly traded on the New York Mercantile Exchange, the Tokyo Commodity Exchange and the London Bullion Market. Platinum futures contract trades in units of 50 troy ounces. Platinum is among the world's scarcest metals and is used primarily in the production of automotive catalytic converters, in petroleum refineries and in the chemical and electrical industry. South Africa accounts for 80% of production followed by Russia and North America. Platinum prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. The data is supplied by a third party and, while efforts are made to ensure its accuracy, Trading Economics does not verify the data and makes no representations or warranties regarding its accuracy..
Actual Previous Highest Lowest Dates Unit Frequency
2069.30 2062.30 2923.70 97.70 1968 - 2026 USD/t oz. Daily

News Stream
Platinum Remains Above $2000
Platinum futures traded above $2,000 an ounce, staying at their highest since April 22 as persistent tight supply conditions offset inflation risks from renewed Middle East tensions. Fresh clashes between the US and Iran in the Strait of Hormuz raised doubts about the month-long ceasefire and heightened worries over prolonged energy supply disruptions. The escalation revived inflation fears and reinforced expectations that central banks might keep interest rates higher for longer, dampening demand for the non-yielding metal. Still, investors focused on signs that the US is seeking to de-escalate tensions, while also awaiting Iran’s response to a proposal to reopen the strait. The platinum market also remains structurally tight, with output concentrated in South Africa and Russia, making production vulnerable to disruption. In South Africa, aging mines, high power costs, and only gradual gains from new projects continue to limit growth, while Russia faces sanctions-related constraints.
2026-05-08
Platinum is up by 5.01%
Platinum increased 5.01% to 2074.3 USD/t.oz
2026-05-06
Platinum Surges as Middle East De-escalation Lifts Metals
Platinum futures rose above $2,000 an ounce, reaching their highest level since April 22, as signs of de-escalation in the Middle East weighed on oil prices, easing inflation concerns. According to Axios, the White House is close to a deal with Iran to end the conflict and begin nuclear negotiations, the nearest to an agreement since the war started. Precious metals had faced significant selling pressure since the war began, as soaring energy costs fueled inflation fears and reinforced expectations that central banks might maintain high interest rates or tighten policy further. Meanwhile, the platinum market remains structurally tight, with production concentrated in South Africa and Russia, making it highly vulnerable to disruption. In South Africa, aging mines and high power costs continue to limit growth, while Russia faces sanctions-related constraints.
2026-05-06