NYMEX platinum futures posted a 32.12% gain in Q2 and were 49.22% higher over the first six months of 2025. After years of lagging gold, platinum posted the most significant gain in the precious metals sector and the commodities asset class in Q2 and the first half of 2025.
I concluded my Q2 Barchart report on precious metals with:
Silver, platinum, and palladium formed powerful bullish formations in Q2, with each metal falling below its Q1 low and closing the quarter above the previous quarter’s peak. The bullish key reversal patterns could indicate that the bullish trend in the precious and industrial metals will continue over the coming months and quarters, as silver, platinum, and palladium catch up with gold.
Platinum closed Q2 at $1,334 per ounce on the nearby NYMEX futures contract. The price continued to appreciate in July 2025.
In Q2 2025, NYMEX platinum futures fell to a slightly lower low than in Q1 2025 before closing the second quarter above the first quarter’s high, forming a bullish key reversal on the long-term chart.
The quarterly continuous futures chart highlights platinum’s bullish technical price action that caused the rare precious metal to move substantially above the $1,000 pivot point that had dominated price action from 2015 through Q1 2025. In early Q3, platinum futures continued their ascent, rising to over $1,500 per ounce, the highest price since Q3 2014. Nearby platinum futures were around the $1,425 level on July 28.
Platinum futures are closing on the next technical resistance level at the Q3 2014 high.
The monthly continuous contract chart illustrates that platinum’s next upside target is $1,523.80 per ounce, the high from July 2014. Above there, the February 2013 high of $1,774.50, the August 2011 high of $1,918.50, and the March 2008 record peak of $2,308.80 are technical resistance levels and upside targets.
In March 2008, when platinum reached its record $2,308.80 high, gold’s peak was $1,033.90 per ounce. Platinum commanded a nearly $1,275 premium over gold. Platinum is a rarer precious metal, with approximately 170 tons of annual production. Most platinum output comes from South Africa and Russia. In South Africa, production is primary, while in Russia, platinum is a byproduct of nickel production in Siberia’s Norilsk region.