Platinum Rebounds Above $2,200 Amid Market Volatility

2026-02-03 14:44 By Joana Ferreira 1 min. read

Platinum climbed back above $2,200 per ounce as investors bought the metal following a recent slump that pushed prices below $2,000 for the first time since December.

The sharp moves came after profit-taking following last week’s record-high rally and was intensified by US President Donald Trump’s nomination of Kevin Warsh as the next Fed chair, a pick widely seen as more hawkish than other contenders.

Meanwhile, near-term demand showed signs of softening, as elevated prices risked reducing autocatalyst purchases and encouraging substitution toward palladium.

However, downside is partially limited by tight supply fundamentals: platinum markets remain structurally undersupplied, with South African production, accounting for roughly 70% of global output, constrained by chronic underinvestment and operational disruptions.



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