Platinum futures trade on NYMEX/CME and are denominated in USD. Platinum is a platinum-group metal used in autocatalysts, jewelry, and industrial applications.
Greenland Mines Ltd announced the successful completion of its more than two-month 2026 field program at the Skaergaard Project in southeast Greenland, a campaign the company describes as one of the largest and most comprehensive modern multidisciplinary efforts undertaken at the site. The program completed 4,480 meters of diamond drilling across 17 holes, including the first large-diameter HQ core ever recovered at Skaergaard, and extracted more than 105 tons of bulk material from mapped and channel-sampled gold and palladium-platinum mineralized horizons, an unprecedented scale-up from the two approximately 800-kilogram historical mini-bulk samples. The company's July 2026 S-K 1300 Mineral Resource Estimate reported 15.00 million ounces PdEq in Indicated Mineral Resources and 17.49 million ounces PdEq in Inferred Mineral Resources, covering only approximately one-quarter to one-third of the intrusion hosting the defined precious-metal horizons. Greenland Mines said potential vanadium-bearing titanomagnetite, iron and gallium value streams are being evaluated alongside the palladium-platinum-gold flowsheet, with gallium occurring throughout Skaergaard's mineralized horizons, though no economic credit is currently assigned to these potential by-products. The campaign also delivered the first integrated mining-oriented geotechnical, structural, LiDAR, high-resolution aeromagnetic, ground-penetrating radar and environmental baseline programs across priority development areas, with the data intended to advance Skaergaard toward metallurgical flowsheet development, mine planning and an Initial Assessment, the S-K 1300 equivalent of a Preliminary Economic Assessment.
Gold Rebounds Above $4,300 as Fed Rate Decision Looms
Gold prices rose on Wednesday after two consecutive sessions of losses, with investors awaiting the Federal Reserve's interest rate decision later in the day. At 06:31 GMT, spot gold gained 0.8% to $4,326.44 an ounce, while gold futures increased 0.8% to $4,366.50; silver advanced 1.4% to $64.59 an ounce and platinum rose 0.7% to $1,792.43. Markets priced in an approximately 92% probability of a Federal Reserve interest rate increase, which would mark its first since 2023, with investors also awaiting comments from Fed Chair Kevin Warsh. Gold has declined more than 3% in September after trading above $4,700 an ounce in late August, pressured by higher energy prices and rising bond yields, and the 10-year US Treasury yield briefly reached 5.04%, its highest level since 2007. IG senior market analyst Tony Sycamore said gold would need to regain its 200-day moving average near $4,539 to signal that its decline from the $4,697 high had ended, warning of a possible further drop toward support around $4,200 until then.
GOLD · Monetary · Neutral Gold rebounds 0.8% to $4,326 ahead of the Fed decision, but a likely rate hike and rising yields remain headwinds after a 3% September decline.
US-10Y.GB · Monetary · Positive Markets price ~92% odds of a Fed rate hike, the first since 2023, pushing the 10-year Treasury yield to 5.04%, its highest since 2007.
PLATINUM · Monetary · Neutral Platinum rises 0.7% to $1,792.43 in the broader precious-metals rebound, with the Fed rate decision the key pending driver.
SILVER · Monetary · Neutral Silver advances 1.4% to $64.59 alongside gold, but the looming Fed rate hike and higher yields cloud the outlook.
UBS Prefers Gold Over Platinum After Second Straight Quarterly Surplus
UBS told clients in a note Thursday that it prefers gold over platinum heading into the fourth quarter, citing weaker fundamentals for the white metal after a second consecutive quarterly surplus. Strategist Giovanni Staunovo said the platinum market was oversupplied again in the second quarter, and the World Platinum Investment Council estimated that surplus at 244,000 ounces, equivalent to 15% of global demand, while revising the first-quarter surplus higher to 304,000 ounces. For the full year, the council now sees a surplus of 265,000 ounces, a sharp swing from a previously forecast deficit, driven primarily by weaker investment demand. Staunovo attributed the oversupply to recovering mine supply in South Africa and Zimbabwe after last year's flooding, higher scrap volumes and softer demand, with Chinese jewelry demand weakening and autocatalyst demand falling as rising electric-vehicle adoption cut production of combustion-engine cars. He added that with platinum again more expensive than palladium, new vehicle models may revert to palladium-based catalysts, and that UBS forecasts point to modest downside from current levels in the near term followed by broadly sideways prices over the next 12 months.
Electrification & Mobility › China NEV Leaders ▲Demand
PLATINUM · Supply · Negative Platinum market posted a second straight quarterly surplus (244k oz, 15% of demand) on recovering South African/Zimbabwe mine supply, higher scrap, and softer demand
PALLADIUM · Demand · Positive With platinum again more expensive than palladium, new vehicle models may revert to palladium-based catalysts, supporting palladium demand
UBSG.SW · Capital · Neutral UBS strategist issued a note preferring gold over platinum, but this is a research call, not a company-specific financial event for UBS
Impala Platinum Reports Record Revenue Up 58% to ZAR 135.1 Billion
Impala Platinum Holdings reported record financial results for fiscal year 2026, with revenue surging 58% to ZAR 135.1 billion and EBITDA margin expanding from 12% to 32%. The company generated free cash flow of ZAR 22 billion, enabling it to return approximately 90% of second-half free cash flow to shareholders, including a final dividend of ZAR 14.45 per share totaling ZAR 13.1 billion. Headline earnings reached ZAR 22.9 billion, or ZAR 25.48 per share, while basic earnings were ZAR 31 billion, supported by a ZAR 8.1 billion after-tax reversal of impairment losses. The company ended the period with net cash of ZAR 22 billion and liquidity headroom of ZAR 37 billion. Looking ahead, management guided for flat production in fiscal 2027, with a 60,000-ounce impact from a safety reset at Rustenburg and unit costs expected to rise 4-8% due to inflation and planned maintenance. CEO Nico Muller noted that the Styldrift 2 project is in the concept study phase, with a typical timeline of five years to completion, and confirmed the company is not currently considering diversification into metals beyond PGMs.
Global Gold Prices Surge 2.4% to $4,175, Hitting a One-Month High
Global gold prices surged 2.4% to $4,175.53 per ounce, the highest level in one month, during Wednesday trading, supported by a weaker US dollar and falling oil prices. Spot gold rose for a third consecutive day, while US gold futures gained 2% to $4,235.30 per ounce. Investors are watching US employment data to assess the Federal Reserve's interest rate direction. Meanwhile, softer oil prices helped ease inflation concerns, leading the market to scale back expectations of a Fed rate hike at the September meeting. Other precious metals also advanced, with silver up 3.8% to $61.76 per ounce, platinum up 2.6% to $1,779.25 per ounce, and palladium up 2.6% to $1,389.15 per ounce.
Gold holds above $4,000 as investors monitor Middle East diplomacy and Fed outlook
Gold prices advanced on Tuesday, remaining comfortably above the key $4,000-an-ounce threshold as markets evaluated renewed diplomatic efforts between the United States and Iran and their potential impact on energy prices, inflation and Federal Reserve policy. Spot gold climbed 1% to $4,049.47 an ounce, while gold futures also rose 1% to $4,054.35. Silver gained 2.6% to $57.87 an ounce and platinum added nearly 1% to $1,611.09. Investors are now looking ahead to next week's Federal Reserve meeting, where policymakers are widely expected to leave interest rates unchanged, with markets currently assigning a 64% probability to a September interest rate increase. Afdhal Rahman, Executive Director of Wealth Advisory at OCBC, noted that renewed tensions in the Gulf could keep oil prices, inflation expectations and the U.S. dollar volatile in the near term, leaving gold under pressure until expectations for tighter monetary policy begin to ease, although sustained central bank buying should continue to provide longer-term support.
GOLD · Geopolitics · Positive Gold prices rose 1% as investors monitor Middle East diplomacy and Fed outlook, with tensions supporting safe-haven demand.
SILVER · Geopolitics · Positive Silver gained 2.6% alongside gold, benefiting from the same geopolitical uncertainty and safe-haven flows.
PLATINUM · Geopolitics · Positive Platinum added nearly 1% as part of the broader precious metals rally driven by Middle East tensions.
Weaker precious metals are undermining the terms of trade for South Africa and Peru, limiting upside for the South African Rand and Peruvian Sol even in a supportive carry backdrop, according to BNY's Geoff Yu.
Platinum ETF PPLT Down 18% as Gold-Platinum Ratio Hits 50-Year Extreme
The abrdn Platinum ETF Trust, trading as PPLT, is down nearly 18% year to date even as gold continues to set record highs, pushing the gold-to-platinum ratio to one of its widest levels in 50 years at roughly 2.5 times. PPLT is the largest physically-backed platinum vehicle on US exchanges, holding bars in JPMorgan vaults and tracking the spot price minus a 0.6% expense ratio, with shares around $15.37 after a 10-for-1 forward split in May 2026. The World Platinum Investment Council has flagged a fourth consecutive annual supply shortfall, with deficits projected through 2029, while South Africa supplies about 75% of global output. Gains on PPLT are taxed at the 28% federal collectibles rate rather than the long-term capital gains rate, a structural factor that alters after-tax returns compared to platinum miner equity funds. Analysts point to a strong US dollar and high interest rates as near-term headwinds, but Bank of America Securities has a 2026 platinum price target of $2,450 per ounce, assuming Federal Reserve rate cuts in the second half of the year.
PLATINUM · Supply · Negative Platinum ETF PPLT is down 18% YTD, but the article notes supply deficits through 2029; however, near-term headwinds from strong USD and high rates weigh on price.
PLATINUM · Monetary · Negative Strong US dollar and high interest rates are near-term headwinds for platinum prices
Greenland
