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Inflation fears are driving expectations that the Federal Reserve will have to raise interest rates as early as next week, and they have taken their toll on the precious metals market, including platinum.

Supplies will be in surplus this year as investors turn their back on the metal and Chinese jewelry demand weakens, the World Platinum Investment Council said.

Despite renewed momentum at the start of the month, the platinum market continues to struggle within its broader range, with prices at the start of London's historic platinum week back below $2,000 an ounce.

Silver mining stocks are up 124% over the past year, platinum is up 89%, and palladium has recovered 48% after years of steep losses.

Platinum has experienced significant gains recently, driven by supply constraints and shifting industrial demand.

UNG, PLTM and PALL led ETF gains last week as natural gas, platinum and palladium surged amid winter shocks and rising geopolitical risks.

Platinum started the year with a bang, building on its record run in 2025 that delivered a return of over 125%, second only to silver among precious metals. One of earth's rarest metals, platinum's unique physical properties make it indispensable for cutting emissions, powering fuel cells, and supporting critical industrial technologies. Platinum is also benefiting from the rotation to precious metals and safe-haven investments, as investors look to diversify amid market volatility, geopolitical risk, dollar depreciation, and easing interest rates.

Silver, gold & platinum ETFs (SLVP, SILJ, GOEX) crushed it in 2025, while MEME & VIXY lagged.

With gold and silver each logging their best year-long performances in several decades for 2025, investors are keenly aware of the price action of metals heading into the new year. Investors may seek exposure to these haven assets via exchange-traded funds (ETFs), which offer multiple access points—including physically backed funds that track the spot price of a metal as well as less direct exposure via funds holding shares of mining companies and others linked to the metals space.

Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.