Platinum Price Today

Platinum price is currently at around $1,030 per ounce as of May 29th, 2023. Predictions for 2023 indicate that the price of platinum may rise because of multiple factors affecting the supply chain causing a deficit.

Platinum is heavily relied upon within the automotive industry as it is used in catalytic converters. With the abundance of automotive parts entering the supply chain at any given time, less platinum is available, which increases its value. This shift is ongoing and is attributed to stringent emissions regulations and the growing popularity of hybrid vehicles. Platinum’s price fluctuation is influenced by a mix of economic and industry-specific variables. Platinum’s value as a crucial resource in the world of alternative energy sources is increased by its use in automotive parts like these catalytic converters and hydrogen fuel cells.

Platinum Price Forecasted Factors for 2023

Forecasting platinum’s price becomes challenging due to its dependence on various factors and the dynamic nature of the market. The introduction of new challenges, where platinum plays a crucial role as a solution, further adds complexity to price predictions. These variables cover a wide range of elements, including power outages in South Africa, the ongoing conflict in Ukraine, and the rise in hybrid vehicle production around the world. With the development of their situations and the emergence of new difficulties, each of these factors has the potential to have a significant impact on the price of platinum. 

Global forecasts, according to CNBC, predict that this year’s demand for platinum will increase by 28% over last year’s levels, while supply will likely decrease by 1%. In addition, it is anticipated that the industrial demand for platinum in the manufacture of chemicals and glass, particularly in China, will increase demand. As previously mentioned, the demand for platinum in catalytic converters for hybrid cars is also continuing to rise.

It is crucial to note that, like any commodity, the price of platinum is susceptible to market forces and can be impacted by a variety of variables. To effectively navigate the platinum market, investors, industrial users, and traders must be educated about global economic conditions, emissions laws, and automotive industry trends.

With the demand for platinum and other precious metals in catalytic converters changing due to market dynamics, it’s critical for scrap catalytic converter owners to understand the current value of their components. If you have catalytic converters and want to know how much they are worth, use our free Catalytic Converter Price Guide. Simply enter the part number of your part to get up-to-date pricing. Click here to learn more or call us at (619) 427-8540.