Platinum prices have soared to unprecedented levels, driven by increasing anxiety over potential supply deficits. The metal’s value has been further bolstered by sustained demand from key sectors, including the automotive industry, where it is used in catalytic converters, and the jewelry market.

Analysts attribute the price surge to a combination of factors, including disruptions in mining operations and rising investment interest in precious metals as a hedge against economic uncertainty. The limited availability of platinum, coupled with its essential role in reducing emissions from vehicles, has made it a highly sought-after commodity. The price increase may impact manufacturing costs for various industries reliant on platinum.