Platinum futures climbed above $2,200 per ounce, hovering near record highs after the US attack on Venezuela and the arrest of President Nicolas Maduro over the weekend heightened geopolitical risks and boosted demand for safe-haven metals. Expectations of further US Federal Reserve rate cuts also supported precious metals, with markets pricing in two reductions this year despite the Fed projecting only one. Platinum posted gains of roughly 120% in 2025, about double gold’s annual increase, marking its strongest performance on record. Supply constraints remain a key support, as major producing regions, particularly South Africa, continue to face underinvestment, operational disruptions, and rising costs, keeping the market in its third consecutive year of deficit. Industrial demand has also remained robust, driven by internal combustion and hybrid vehicles that rely on platinum catalysts, with momentum strengthening after the EU scaled back its proposed 2035 combustion-engine ban.
