Couverture de Platinum Powers Past $2,100: South African Supply Squeeze Fuels 116% Annual Surge

Platinum Powers Past $2,100: South African Supply Squeeze Fuels 116% Annual Surge

Platinum Powers Past $2,100: South African Supply Squeeze Fuels 116% Annual Surge

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This is your Daily Platinum Price Tracker with Vanessa Clark podcast.

Hey everyone, I'm Vanessa Clark, and welcome back to Daily Platinum Price Tracker. Today we're diving into what's happening in the platinum market as we head into the weekend, so stick around.

As of today, platinum is trading at two thousand one hundred eighteen dollars and eight cents per ounce, up nearly sixty dollars from yesterday. That's a solid gain, and it reflects some interesting market dynamics we're seeing right now.

The big story today is that platinum is experiencing bullish momentum. Technical analysts are pointing to stochastic indicators rallying above the fifty level, which is creating some real upward pressure. We're seeing price stability forming around support levels, and the forecast is suggesting platinum could potentially target two thousand one hundred sixty five dollars soon, with possible resistance near two thousand two hundred forty five dollars.

Now here's what's really driving these moves. Supply constraints from South Africa, which dominates global platinum production, continue to support prices. At the same time, demand remains solid from the automotive industry, which relies heavily on platinum for catalytic converters. That industrial demand, combined with limited supply, is creating a supportive environment for prices.

It's also worth noting that platinum has had an absolutely remarkable year. Over the past twelve months, prices have surged more than one hundred sixteen percent, jumping from around nine hundred seventy eight dollars per ounce last year. That's the kind of performance we haven't seen since two thousand eight.

For Indian market watchers, platinum is holding steady at six thousand ninety one rupees per gram across major cities like Delhi, Mumbai, Bangalore, and Chennai. Those prices remained unchanged today, reflecting consolidation after some significant volatility earlier in the month.

The broader precious metals picture shows gold leading the way with strong performance, while platinum is consolidating within a tight trading range. Some analysts suggest this could present a value opportunity for longer term investors, especially compared to gold's current levels.

Geopolitical tensions are also playing a supporting role, with recent headlines about nuclear negotiations adding to safe haven demand across precious metals. The strong US dollar is providing some headwind, though, so we're watching that closely.

Looking ahead, the expected trading range for platinum today is between two thousand twenty and two thousand one hundred sixty five dollars. Supply constraints should continue providing underlying support, while automotive demand remains the key industrial driver.

Thanks so much for tuning in to Daily Platinum Price Tracker. Make sure you subscribe so you don't miss tomorrow's update, and we'll be back soon with the latest platinum price movements and market insights. Until next time, stay informed and keep watching those precious metals.

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