Platinum market to post first annual surplus since 2022 on investment outflows, WPIC says

The World Platinum Investment Council expects the global platinum market to post a surplus this year, its first since 2022, as reported by Business Recorder. The projected surplus stands at 265,000 troy ounces, against a 297,000 ounce deficit the council estimated three months earlier. The council links the change to weaker investment and jewellery demand.

Spot platinum has slipped 10% year to date, trading at $1,840 per troy ounce, after a gold-led rally lifted the metal 127% during 2025, peaking at a record $2,919 in January. Expectations of higher interest rates and the Middle East conflict have since halted that momentum.

Edward Sterck, head of research at the WPIC, said the change stems chiefly from outflows out of platinum-backed exchange-traded funds in the first half, when the surplus reached 548,000 ounces. ETF selling has since levelled off, with modest purchases seen in recent weeks, and the market effectively returned to deficit in the second half. Second-quarter demand fell 16% to 1.7 million ounces, with jewellery demand down 32% and net investment outflows of 121,000 ounces, while auto demand declined 6%. Above-ground stocks have been cut to roughly 14 weeks of demand after three years of deficits, a level the WPIC regards as supportive for prices.