Platinum futures climbed to above $1,225 per troy ounce, not far from an over 6-year high of $1,302/oz touched in mid-February, supported by robust demand from the automotive sector due to the global tightening of auto emission rules and US President Joe Biden's push for greener policies. The bull run is expected to continue as automakers in China and North America are starting to switch to platinum from more expensive palladium in autocatalysts, along with new uses such as hydrogen fuel cells. Also, some investors turned to platinum as a cheap alternative to gold as a hedge against rising inflation.
Historically, Platinum reached an all time high of 2290 in March of 2008. Platinum - data, forecasts, historical chart - was last updated on April of 2021.
Platinum is expected to trade at 1148.85 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 1031.06 in 12 months time.