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.

Platinum rose to 2,233.20 USD/t.oz on February 3, 2026, up 6.14% from the previous day. Over the past month, Platinum's price has fallen 2.40%, but it is still 123.34% 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 February 3 of 2026.

Platinum rose to 2,233.20 USD/t.oz on February 3, 2026, up 6.14% from the previous day. Over the past month, Platinum's price has fallen 2.40%, but it is still 123.34% 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 2172.23 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 2447.69 in 12 months time.



Price Day Month Year Date
Gold 4,920.89 260.93 5.60% 10.67% 73.22% Feb/03
Silver 87.29 8.082 10.20% 14.00% 172.21% Feb/03
Copper 6.05 0.2213 3.80% 1.19% 39.03% Feb/03
Steel 3,082.00 -9.00 -0.29% 0.46% -5.40% Feb/03
Lithium 160,500.00 -7500 -4.46% 35.44% 106.70% Jan/30
Platinum 2,233.60 129.50 6.15% -2.38% 123.38% Feb/03
Iron Ore 102.66 -2.96 -2.80% -3.27% -2.25% Feb/02


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. Trading Economics does not verify any data and disclaims any obligation to do so.
Actual Previous Highest Lowest Dates Unit Frequency
2233.20 2104.10 2923.70 97.70 1968 - 2026 USD/t oz. Daily

News Stream
Platinum is down by 5.02%
Platinum decreased 5.02% to 2015 USD/t.oz
2026-02-02
Platinum Plunges from Record Highs
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.
2026-01-30
Platinum Hits 4-week Low
Platinum decreased to 2195.00 USD/t.oz, the lowest since January 2026. Over the past 4 weeks, Platinum gained 7.35%, and in the last 12 months, it increased 115.22%.
2026-01-30