LBMA Forecast Survey Highlights Platinum’s Strong 2025 Performance and Bullish 2026 Outlook

Published: Aug 12, 2026 15:03 (GMT+8)

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[SMM Flash] Platinum significantly outperformed analyst expectations in 2025, according to the latest LBMA Annual Precious Metals Forecast Survey. The metal averaged USD 1,274.73/oz, exceeding the highest analyst average forecast of USD 1,100/oz by USD 174.73/oz. Platinum started 2025 at USD 921/oz before surging to USD 2,226/oz, ending the year 142% above its starting level. The 2025 actual price range of USD 920–2,226/oz was also substantially wider than the ranges anticipated by analysts.

The sharp rally highlights how supply constraints and stronger-than-expected investment demand reshaped the platinum market. For 2026, individual analyst average-price forecasts range from around USD 1,700/oz to USD 2,870/oz, reflecting a considerably more bullish outlook. Key supporting factors include constrained mine supply, years of underinvestment, low above-ground inventories, investment demand and continued platinum substitution in autocatalysts. Growing hybrid vehicle demand and increased investor participation are also expected to support prices.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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