Platinum hits all-time high amid broad surge in gold and silver

Platinum prices jumped to all-time high on Wednesday (December 24), extending a sharp rally across precious metals as investors increased allocations amid safe-haven demand and expectations that US interest rates will fall further next year.

Spot platinum surged 3.3% to $2,351.05 an ounce, after touching an all-time high of $2,377.50 an ounce earlier in the session.

The gains came alongside record-breaking moves in other precious metals,

stressing strong investor appetite despite thin year-end trading conditions.

Market participants pointed to a combination of macroeconomic and structural factors driving the rally. “Precious metals have become more of a speculative narrative around the idea that, with de-globalisation, you need an asset that can act as a neutral go-between, without sovereign risk—particularly as tensions between the US and China persist,” said Ilya Spivak, head of global macro at Tastylive.

Platinum, which is primarily used in automotive catalytic converters to reduce emissions, has benefited from tight mine supply, tariff-related uncertainty, and a rotation of investment flows from gold. Analysts say the metal has also been playing catch-up after lagging gold and silver earlier in the cycle.

Platinum prices are up about 160% so far this year, while palladium has gained more than 100%.

Palladium also advanced on Wednesday (December 24), rising nearly 2% to $1,897.11 an ounce, its highest level in three years. However, analysts cautioned that thinner liquidity in platinum and palladium markets could lead to sharper price swings once normal trading volumes return.

“What we’re seeing in platinum and palladium is largely catch-up,” Spivak said, adding that the relatively small size of these markets makes them more vulnerable to volatility, even as they broadly track gold’s direction.

-With Reuters inputs