Platinum Plunges from Record Highs

2026-01-30 17:14 By Felipe Alarcon 1 min. read

Platinum futures fell below $2,100 per ounce, retreating sharply from the record $2,878 reached on January 26th as the rally unraveled under heavy profit taking and a decisive rebound in the US dollar.

The stronger greenback reduced the appeal of dollar priced commodities and forced a rapid unwinding of speculative positions that had pushed prices far ahead of near term physical demand.

The correction was amplified by broad liquidation across precious metals, with sharp losses in gold and silver spilling over into platinum amid thin liquidity.

At the same time, near term demand signals softened, as elevated prices risked curbing autocatalyst purchases and encouraging substitution toward palladium.

Still, downside remains partially cushioned by tight supply fundamentals, with platinum markets structurally undersupplied as South African production, which represents roughly 70% of global output, remains constrained by chronic underinvestment and operational disruptions.



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Platinum futures fell below $2,100 per ounce, retreating sharply from the record $2,878 reached on January 26th as the rally unraveled under heavy profit taking and a decisive rebound in the US dollar. The stronger greenback reduced the appeal of dollar priced commodities and forced a rapid unwinding of speculative positions that had pushed prices far ahead of near term physical demand. The correction was amplified by broad liquidation across precious metals, with sharp losses in gold and silver spilling over into platinum amid thin liquidity. At the same time, near term demand signals softened, as elevated prices risked curbing autocatalyst purchases and encouraging substitution toward palladium. Still, downside remains partially cushioned by tight supply fundamentals, with platinum markets structurally undersupplied as South African production, which represents roughly 70% of global output, remains constrained by chronic underinvestment and operational disruptions.
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