Key points
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Platinum investment demand rose 660% in Q2 2025.
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Cheaper prices than gold make platinum more attractive.
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Hydrogen and auto industries continue to fuel demand.
Platinum has outperformed gold and silver this year. In the second quarter of 2025, investment in platinum bars and coins shot up 660% compared to the same time last year.
Trevor Raymond, head of the World Platinum Investment Council, said platinum has broken out of its usual trading range since the pandemic. It is now the best-performing major metal in 2025.
The price of platinum reached $1,450 per ounce in July, the highest in 10 years. Jewelry demand also jumped 32% in the second quarter, the strongest since 2015. For the full year, global jewelry demand is expected to rise by 11% to more than 2.2 million ounces. This increase is driven by buyers in China, Japan, Europe and North America.
Platinum investment demand rises in China
One reason investors are turning to platinum is that it is still much cheaper than gold. In China, both jewelry sales and purchases of platinum bars and coins are growing quickly.
A recent Shanghai Platinum Week event drew record numbers, showing rising global interest in the metal.
Chinese buyers lifted bar and coin demand by 55% in the second quarter, while larger bars of 500 grams and above jumped 33%.
Even with this surge, overall investment demand slipped in the quarter because some investors sold off stockpiles.
Still, for the full year, total investment demand is expected to grow by 2% to 718,000 ounces. Bars and coins should see the biggest gains, while exchange-traded funds are expected to attract new inflows later in the year.
Hydrogen and car makers drive more demand
Platinum demand is also growing in clean energy and transport. Use of the metal in hydrogen technology is set to climb 19% this year to 49,000 ounces. New U.S. laws have extended support for hydrogen projects, giving the sector more time to grow.
Automakers used 769,000 ounces of platinum in the second quarter, only slightly lower despite trade tensions.
For 2025, car makers are expected to use about 3 million ounces, which is still 10% above the five-year average.
In industry, platinum demand rose in the second quarter but is expected to ease for the year, mainly due to reduced glass production. Gains in petroleum, hydrogen, medical and electrical uses will help soften the decline.
