Platinum reached $1,400.75 per ounce, marking its highest level in more than a decade as a result of constrained supply and increased speculative buying.
Markets in London and Zurich are particularly tight, with borrowing costs climbing to around 13% per year compared with their usual near-zero levels, signaling acute scarcity in physical metal available for lending.
Strong demand from Chinese investors and jewelry purchasers is helping to support prices. At the same time, palladium has risen roughly 5% alongside platinum, as both metals can serve as substitutes for one another in automotive catalytic converters, tightening the relationships between their markets.