Platinum Group Metals Outlook: The bull pulls in its horns

Research evidence excerpt

Platinum Group Metals Outlook: The bull pulls in its horns

23 June 2026

Platinum Group Metals Outlook CommoditiesPrecious Metals

The bull pulls in its horns Global

◆ PGM prices fall reflecting shifting fundamentals and investor

liquidation; platinum and palladium look increasingly undervalued

◆ Platinum deficit set to narrow in 2026, limiting rallies; auto and jewelry

demand curbed, but investors may turn positive; mine supply limited

◆ Palladium deficits widening but upside limited; auto demand

weakening but mine supply is limited; investor interest modest

Platinum drops but can rally

Platinum prices have skidded lower since our last Outlook (22 January 2026): after hitting James Steel

USD2,918/oz on 26 January, prices slumped after the strikes on Iran buoyed oil and the Chief Precious Metals Analyst

HSBC Securities (USA) Inc.

USD and yields, triggering sharp declines in gold but also platinum. Underlying james.steel@us.hsbc.com

fundamentals also shifted against platinum as auto demand fell as electric vehicles (EVs) +1 646 867 5600

remain competitive with petroleum-powered vehicles. Anticipated jewelry demand failed to

materialize, notably but not exclusively in China. Heavy liquidation in the ETFs helped press

platinum lower. Mine supply is limited, however, as heretofore low prices cut investment and

encouraged restructuring. Other forms of industrial demand are mixed. Although narrowing,

platinum will still run a deficit which should support prices. We expect a 2026 supply/demand

deficit of 531,000oz. We anticipate a price recovery. We lower our average price forecasts

across the board, taking 2026 to USD2,050/oz (from USD2,513/oz), and 2027 to

USD2,195/oz (from USD2,600/oz). We expect a wide range of USD1,550-2,075/oz for the

remainder of the year.