Platinum surged to a new all-time high on Friday, putting the metal on course for its strongest annual performance on record. The rally was driven by tight supply conditions, an unexpected policy shift by the European Union regarding the planned 2035 combustion-engine ban, and a rotation of investor capital away from gold.
Spot platinum prices jumped 8%, reaching a fresh record of $2,413.62 per ounce by 03:04 GMT. The sharp move reflected growing concerns over limited availability, combined with renewed demand expectations following the EU’s policy reversal. These factors, alongside changing investor positioning within the precious metals market, provided strong momentum for platinum prices.
