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.”

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD drops below 1.0300 as dollar reverses post-US CPI losses

EUR/USD drops below 1.0300 as dollar reverses post-US CPI losses

EUR/USD has tumbled below 1.0300 amid a notable recovery in the US dollar. Risk remains in a weaker spot amid US-Sino tensions and China's covid woes, underpinning the dollar's safe-haven appeal. Investors reassess Fed rate hike expectations after soft US CPI. 

EUR/USD News

GBP/USD remains pressured near 1.2200 ahead UK ministers’ meeting with energy firms

GBP/USD remains pressured near 1.2200 ahead UK ministers’ meeting with energy firms

GBP/USD remains pressured around 1.2200 heading into Thursday’s London open. The US dollar rebounds amid a tepid market mood. China-linked concerns favor the safe-haven US dollar. The UK ministers will meet major energy firms amid a deepening energy crisis. 

GBP/USD News

Gold: Sellers poke $1,784 support on Fed, China jitters

Gold: Sellers poke $1,784 support on Fed, China jitters

Gold price holds lower grounds around intraday bottom near $1,780, as bears attack the 50-DMA heading into Thursday’s European session. The precious metal respects the US dollar’s latest rebound amid mixed concerns surrounding the Fed's next move and China.

Gold News

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price shows a resilience that has not only kept it above a significant support level but also managed to slowly catalyze a move that could result in a 60% upswing.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures