Platinum Prices

Platinum prices averaged higher in April relative to March. Platinum prices averaged USD 1,048 per troy ounce in April, which was 8.0% higher than March’s price and was up 8.8% from the same month last year. Meanwhile, on 28 April, platinum closed the day at USD 1,074 per troy ounce, which was up 9.5% from the same day of the previous month.

Prices increased in April, partly as a result of turbulence in the U.S. banking sector spurring safe-haven demand. Moreover, expectations of a more dovish Fed added momentum to the price rally. At its March meeting, the Fed pointed to a slowdown in rate hikes due to the expected reduction in credit creation given the recent banking sector turmoil. Moreover, industrial demand was likely strong, as suggested by recent increases in vehicle production in major developed markets amid a fading chip shortage—platinum’s main use is in cars’ catalytic converters.