Platinum hits all-time high as investors seek safety amid US uncertainty

Platinum extended its rally on Friday (January 23) and climbed to an all-time high, as investors increased exposure to precious metals amid rising geopolitical tensions and growing uncertainty around US economic and policy direction.

Spot platinum rose 0.4% to $2,639.40 per ounce by 0358 GMT, after touching a record $2,684.43 an ounce earlier in the session.

Analysts said the move reflects weakening confidence in US assets, prompting a shift toward hard assets. “Faith in the US and its assets have been shaken, maybe permanently, and this is driving money into precious metals,” said Kyle Rodda, senior market analyst at Capital.com.

Dollar weakness supported the rally, with the dollar index hovering near a more than two-week low after sliding about 1% this week, making dollar-priced metals more attractive for overseas buyers.

Markets also remained sensitive to shifting trade signals from US President Donald Trump, including renewed tariff threats aimed at the European Union, followed by a partial pullback that helped ease immediate investor concerns.

Platinum’s gains tracked broader strength across the precious metals complex, even as palladium fell 0.9% to $1,903.10 an oounce.

Investors also continued to assess the outlook for US interest rates, with expectations for rate cuts later in 2026 supporting non-yielding assets such as bullion.

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-With Reuters inputs