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Platinum will recover as soon as Gold starts to rise – Commerzbank

Although the Gold market is likely to rebound in the medium to long term, there is a lack of momentum in the short term, which also means that price recovery in the Platinum market will be a matter of wait and see despite the supply shortage, say Commerzbank strategists.

The Gold market is likely to rebound in the medium and long term

Next Wednesday, the World Platinum Investment Council (WPIC) will present its annual results for 2023 in its new quarterly report: Already in November, the WPIC had forecast a record deficit of 1 million ounces for last year, which by true did not prevent the price of platinum from ending the year with a good drop of 7% despite the rebound at the end of the year. The beginning of this year is not much better.

In our opinion, however, the price has fallen too much. After all, demand is expected to once again outstrip supply this year, although the difference will probably be much smaller than last year. Therefore, as soon as the price of Gold starts to rise, we expect Platinum prices to rise.

Source: Fx Street

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