Platinum is breaking out of its decade-long sideways pattern (averaging $955/oz) by testing key resistance at $1,012, with a critical level at $1,025.
While gold has surged on central bank demand, platinum’s comparative value has improved, with the gold-to-platinum ratio narrowing to 3.2:1 from 3.6:1 last month.
Market fundamentals look strong, with the World Platinum Investment Council projecting a deficit of nearly one million ounces – the third straight year drawing from inventories.
Chinese demand has strengthened significantly, recording the highest monthly imports in a year for jewelry and investment.
Institutional interest remains cautious, with speculative positions slightly bullish and ETF holdings at 3.18 million ounces (up from April but below 2021 peaks). London Platinum Week (May 20-22) may bring additional market focus.