By Admin 
Platinum Price Surge: The prices of gold and silver are continuously increasing. The rising prices of gold before the festive season have troubled people and it is gradually going out of the reach of the common man. Meanwhile, platinum has also joined the race to compete with gold and silver. Its price is also continuously increasing.
Almost 70 percent jump in prices
This year the prices of platinum have increased by about 70 percent. In comparison, gold has gained 51 percent and silver has gained 58 percent. However, it is also worth keeping in mind that even though platinum prices have increased, it is still 28 percent below its high level of $ 2250 per ounce in May 2008. In the years 2023 and 2024, platinum prices have declined by up to 8 percent every year. Whereas, in 2022 there was a slight increase of 10 percent.
Why is the price increasing?
This rise in platinum prices has come due to reduction in supply and increase in demand. Along with making jewellery, it is also used in industries like auto sector, petrochemical industry and hydrogen energy. This is the reason why both its future price and demand are seeing a rise.
Ritesh Jain, founder of Pinetree Macro, told Money Control, platinum is now at par with gold. Till some time ago, platinum was more expensive than gold. Now gold is almost three times more expensive than platinum. People are using platinum instead of gold in jewellery. Also, the supply of platinum from the mines is not increasing, leading to its shortage.
Prices may increase further
According to the World Platinum Investment Council, the platinum-related market is in continuous loss. It may decline by 8,50,000 ounces in 2025. This is the third consecutive year of shortage in supply, due to which the market is under tension. Demand is increasing in comparison to supply. More than 70 percent of it is used in green technology or catalytic converters in vehicles.
Quoting Choice Broking’s Commodity Research Analyst Kavita More, Money Control said in its report that the demand for platinum will remain strong in 2025 and beyond. There is an estimated supply shortfall of 5,00,000 to 8,50,000 ounces every year. Let us tell you that most of the platinum in the world is found in the mines of South Africa, but due to bad weather, technical problems and problems in the supply chain, there has been a huge decline in production in the mines.
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