In mid-June, platinum slipped into the lower range of the $900-$ 1,050 corridor and thus also slightly below the level at the start of the year. Economists at Commerzbank expect the precious metal to trade at $1,050 by end-2022.
Platinum market to remain oversupplied this year
“The platinum price is likely to remain strongly influenced by the gold price in the coming months. This suggests moderate upside potential, as we expect the price of gold to rise to $1,900 per troy ounce by the end of the year.”
“The renewed supply surplus expected for this year argues against platinum being able to make up ground against gold. We are therefore lowering our forecast for the end of the year to $1,050 per troy ounce (previously $1,100).”
“Due to the lower starting level, we are reducing our forecast for the end of 2023 to $1,200 (previously $1,250).”
“The prospect of an end to the supply surpluses speaks in favour of a slightly better price development of platinum compared to gold in the coming year, so that the price difference should narrow to $750.”