Platinum continues to rise, and the precious metal market is under strong pressure as the market shows signs of severe supply constraints. After rising 10% last week, spot platinum once rose 4.6% to about $1,200 an ounce, the highest level since May 2021. Meanwhile, platinum's implied monthly borrowing costs rose to a six-year high, and platinum-backed exchange-traded fund holdings also climbed to a 10-month high. These bullish signals come at a time when the market is facing another year of short supply. In the first few months of 2025, large amounts of platinum flowed to the US due to concerns that imports would be affected by US President Donald Trump's tariffs, which also boosted borrowing costs.

Platinum continues to rise, and the precious metal market is under strong pressure as the market shows signs of severe supply constraints. After rising 10% last week, spot platinum once rose 4.6% to about $1,200 an ounce, the highest level since May 2021. Meanwhile, platinum's implied monthly borrowing costs rose to a six-year high, and platinum-backed exchange-traded fund holdings also climbed to a 10-month high. These bullish signals come at a time when the market is facing another year of short supply. In the first few months of 2025, large amounts of platinum flowed to the US due to concerns that imports would be affected by US President Donald Trump's tariffs, which also boosted borrowing costs.