Platinum Futures Near Two-Month High

Published: Aug 11, 2026 20:24

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[SMM Express] Platinum futures climbed to around USD 1,780/oz, approaching an eight-week high as the precious metals complex strengthened. The move was supported by improving investment demand, with increased bullion holdings among Chinese institutional investors providing additional momentum as market volatility heightened.

Meanwhile, AI and data-centre expansion could become a new source of PGM demand. Valterra Platinum estimates current AI-related PGM demand at around 200,000–400,000 oz annually and expects it could increase fivefold by 2030, supported by PGMs’ electrical and thermal properties.

The longer-term outlook remains supported by a structural platinum market deficit and constrained mine supply, particularly from South Africa. However, sustained higher prices could encourage greater recycling and eventually place pressure on some areas of demand, leaving supply constraints and emerging technology demand as key factors to watch.

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