Platinum surged above $1,950 per ounce, extending a record rally to its highest levels since 2008 as investors continued to pile into precious metals amid the roaring debasement trade. The latest US labor market data also pointed to rising unemployment, fueling market uncertainty and supporting bets for further Federal Reserve interest rate cuts. Additionally, comments from Fed Governor Christopher Waller, a leading candidate for the central bank’s chair, supported the rally, as he suggested that US borrowing costs could be up to one percentage point lower in response to a weakening job market. Supply concerns further bolstered platinum prices, with several South African mines, the world’s largest producer, reporting weaker-than-expected output. The World Platinum Investment Council forecasts a supply deficit of 69,200 ounces in 2025, marking a third consecutive annual shortfall.
