Platinum futures fell to around $1,980 an ounce in mid-May, hitting their lowest level in two weeks, tracking broader weakness across precious metals amid rising concerns about US inflation. Expectations of a Fed rate hike this year strengthened and the dollar firmed due to mounting inflationary pressures driven by the prolonged Iran war and the ongoing closure of the Strait of Hormuz. During the two-day summit, Presidents Donald Trump and Xi Jinping agreed that the Strait of Hormuz should remain open, with Xi offering Beijing’s help to negotiate an end to the war and restore access through the strait. Despite the pullback, platinum had rallied earlier in the week and outperformed other precious metals, due to stronger industrial demand expectations tied to autocatalyst use and hybrid vehicle demand. The market also remains structurally tight, as production in South Africa and Russia, the two largest suppliers, faces ongoing challenges, including aging mines, high costs, and sanctions.

Platinum fell to 1,979 USD/t.oz on May 18, 2026, down 0.64% from the previous day. Over the past month, Platinum's price has fallen 5.18%, but it is still 96.99% 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 18 of 2026.

Platinum fell to 1,979 USD/t.oz on May 18, 2026, down 0.64% from the previous day. Over the past month, Platinum's price has fallen 5.18%, but it is still 96.99% 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 2037.61 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 2384.38 in 12 months time.



Price Day Month Year Date
Gold 4,542.08 -5.81 -0.13% -5.79% 40.96% May/18
Silver 75.88 0.131 0.17% -4.80% 134.53% May/18
Copper 6.21 -0.0430 -0.69% 2.86% 34.23% May/18
Steel 3,189.00 -22.00 -0.69% 1.63% 3.10% May/18
Lithium 191,500.00 -500 -0.26% 11.01% 200.63% May/18
Platinum 1,980.30 -11.50 -0.58% -5.12% 97.12% May/18
Iron Ore 110.77 -0.35 -0.32% 3.42% 10.68% May/15


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
1979.00 1991.80 2923.70 97.70 1968 - 2026 USD/t oz. Daily

News Stream
Platinum Falls to 2-Week Low
Platinum futures fell to around $1,980 an ounce in mid-May, hitting their lowest level in two weeks, tracking broader weakness across precious metals amid rising concerns about US inflation. Expectations of a Fed rate hike this year strengthened and the dollar firmed due to mounting inflationary pressures driven by the prolonged Iran war and the ongoing closure of the Strait of Hormuz. During the two-day summit, Presidents Donald Trump and Xi Jinping agreed that the Strait of Hormuz should remain open, with Xi offering Beijing’s help to negotiate an end to the war and restore access through the strait. Despite the pullback, platinum had rallied earlier in the week and outperformed other precious metals, due to stronger industrial demand expectations tied to autocatalyst use and hybrid vehicle demand. The market also remains structurally tight, as production in South Africa and Russia, the two largest suppliers, faces ongoing challenges, including aging mines, high costs, and sanctions.
2026-05-15
Platinum Rises to 2-Month Peak
Platinum futures rose toward $2,200 an ounce, reaching their highest level since March 12, as the metal continued to outperform broader precious metals despite a weaker tone across the complex. The move reflects ongoing divergence to platinum’s industrial supply-demand dynamics, as persistent concerns over constrained South African mine output and structurally tight global inventories have kept the market in a supply deficit. At the same time, investors appear to be rotating into platinum on a relative-value basis, with the metal still trading at a historically wide discount to gold. Industrial demand expectations, especially from autocatalyst use and hybrid vehicle demand, are also providing underlying support, reinforcing platinum’s hybrid role as both a precious and industrial metal. The rally comes even as other precious metals struggle from elevated inflation risks driven by heightened uncertainty in the Middle East and the prolonged disruption of the Strait of Hormuz.
2026-05-14
Platinum Trades Near 3-Week Highs
Platinum futures traded above $2,100 an ounce, moving near three-week highs, despite elevated inflation risks driven by heightened uncertainty in the Middle East and the prolonged disruption of the Strait of Hormuz. Ongoing difficulties in US–Iran diplomacy have heightened fears of prolonged disruption to the key shipping route, while reports indicated that President Trump is set to meet his national security team to discuss possible renewed military operations and measures to escort commercial shipping through Hormuz. This kept energy prices elevated and expectations of further central bank rate hikes, dampening demand for non-yielding assets. Meanwhile, the platinum market remains structurally tight, with output concentrated in South Africa and Russia, making production highly 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.
2026-05-12