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Platinum traded near $1,450 an ounce on Monday, Nov. 2, after a 7.6% drop last week took it to its lowest price in 13 months. The fall came during a sell-off across precious metals that started in technology shares.
Metal Sentinel's platinum price API showed a bid of $1,447 at 5:41 p.m. GMT Monday, up 1.3% on the day, in a range of $1,424 to $1,467.
Spot platinum closed Friday, Oct. 30, at $1,429 in New York, down $53 on the day, after trading between $1,416 and $1,497, according to Kitco. Over the week it fell from $1,553.25 to $1,435, according to FMV Gold.
Sell-off across precious metals
Silver, platinum and palladium each fell between 7% and 9% last week, Kotak Neo reported. Platinum touched a 13-month low and palladium a 17-month low.
The selling followed a drop in technology shares on concerns that heavy spending on artificial intelligence may not pay off. Analysts also pointed to forced selling of safe-haven assets and possible margin calls, according to the report.
The gold-to-platinum ratio rose to 2.7, the highest since mid-2025. Worries about demand from carmakers weighed on platinum and palladium, Australian bullion dealer Guardian Gold said.
A surplus forecast for 2026
The World Platinum Investment Council forecast on Sept. 9 that the platinum market will have a surplus of 265,000 ounces in 2026, after three years of large deficits. In May, it had forecast a deficit of 297,000 ounces.
The council said the change came mostly from investors selling in the first half of the year. It expects net disinvestment of 83,000 ounces for 2026, with exchange-traded fund inflows in the second half only partly offsetting earlier outflows.
The full-year figure implies a deficit of about 283,000 ounces in the second half, after a 548,000-ounce surplus in the first. Above-ground stocks would still cover only about 3.4 months of global demand at the end of 2026, the council said.
"It is our expectation that platinum will continue to trend in line with overall sentiment towards precious metals," Trevor Raymond, the council's chief executive, said in the report.
Cars, jewelry and industry
The council expects automotive demand for platinum to fall 4% this year to 2.9 million ounces. It said oil price swings tied to the U.S.-Iran conflict have lowered expected vehicle production.
Jewelry demand is forecast to drop 15% to 1.88 million ounces, with most of the decline in China. Industrial demand is forecast to rise 5% to 2.39 million ounces, helped by glass and electrical uses linked to artificial intelligence.
Mine supply is expected to be roughly flat at 5.55 million ounces, with gains in South Africa offset by declines elsewhere. Recycling is forecast to rise 8%.
Rates and the calendar
The Federal Reserve held rates at 3.75% to 4% on Oct. 28 and left a December hike open. Raymond said in September that investment demand could pick up if rate increases fail to materialize or are smaller than expected.
Tuesday, Nov. 3: U.S. midterm elections.
Wednesday, Nov. 4: ISM services index.
Friday, Nov. 6: October jobs report, 8:30 a.m. EST.
The council's next Platinum Quarterly will update the 2026 balance. It released the same report on Nov. 18 last year and on Nov. 25 in 2024.
Levels to watch
Support: $1,416, Friday's low and the lowest price since September 2025. Below that, $1,400.
Resistance: $1,497, Friday's high, then $1,553, where platinum started last week.
Metal Sentinel's forecast
Metal Sentinel expects platinum to trade between $1,400 and $1,500 an ounce in the week of Nov. 2. Monday's rebound and the council's forecast of a second-half deficit support prices, while weaker car and jewelry demand and the chance of a December Fed hike limit gains.
A strong jobs report on Friday would raise the odds of a hike and would be the main risk to a recovery this week.
For the other metals this week, see the gold price forecast, the silver price forecast and the copper price forecast. Metal Sentinel's platinum price API publishes live platinum bid, ask, high and low prices in more than 180 currencies.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own due diligence before investing in metals.