The price of platinum has surpassed $2300 for the first time. The metal has the longest growth streak since 2017

The cost of platinum hit an all-time high, rising above $2300 an ounce for the first time amid tight supply and historically high borrowing costs, Bloomberg wrote. The metal rose in price for the tenth consecutive session on Wednesday, the longest streak of gains since 2017, the agency noted.

All told, the price of platinum increased by more than 150% in 2025, the strongest annual increase since the agency began collecting data in 1987.

The price jump occurred against the backdrop of complications in the London metal market: banks are placing metal in the U.S., insuring against risks associated with trade duties, Bloomberg says. In the U.S., more than 600,000 ounces of metal are now accumulated in warehouses - noticeably higher than usual, the agency notes.

Supplies to China remain high this year, and optimism about demand increased after platinum contracts began trading on the futures exchange in Guangzhou, Bloomberg writes. Prices on the floor rose well above other international benchmarks, the agency said.

Additional pressure is being exerted by supply disruptions at the largest producer, South Africa, which could leave platinum in a supply deficit for the third year in a row. At the same time, high borrowing costs are making it more difficult for industrial users who use the metal in chemical, glass and laboratory products, increasingly forcing them to choose platinum leasing over outright purchase.

Earlier, gold and silver also hit all-time highs. The spot price of gold reached $4525.77 per ounce. Since the beginning of the year, the metal has added about 70% and is close to the best annual result since 1979, when a sharp rise in prices was caused by the oil crisis and the Islamic Revolution in Iran.

This article was AI-translated and verified by a human editor