Platinum prices soared more than 5% overnight to breach the $1,330 per ounce mark, hitting their highest level in a decade. The metal is up 45% in 2025 so far, driven by a mix of tightening supply and broad-based demand.
Analysts point to a significant supply deficit, aggressive jewellery restocking, renewed investor interest, and growing industrial use—especially in automotive catalytic converters and hydrogen fuel cell technologies—as key drivers of the ongoing bullish trend.
According to Varghese Alukkas, Managing Director of Jos Alukkas, the sharp rally in platinum is translating into stronger customer sentiment and sales on the ground. “For the last six months, we have seen platinum prices go up by 45–50%. This gives good confidence to customers who prefer to buy platinum jewellery rather than gold, which has already been going up for the last few years,” he said.
Despite the price jump, platinum remains significantly cheaper than gold. With gold near $3,400 per ounce and platinum around $1,350 per ounce, many consumers see value in the white metal. Domestic prices have reached nearly ₹4,500 per gram, yet still remain accessible to a wider customer base.
