Platinum Price Forecast: Widening Deficit Puts $1,900 Back in Focus
By Navnoor Bawa | Published: July 28, 2026
Summary
As of late July 2026, platinum is trading around $1,620, reflecting a significant decline of 44.6% from its peak in January. The price range for platinum is currently defined between $1,540 and $1,675, particularly as market participants await the Federal Open Market Committee (FOMC) decision on July 29.
Market Dynamics
The World Platinum Investment Council (WPIC) has revised its 2026 deficit forecast to 297,000 ounces. This adjustment comes despite a notable liquidation of approximately 700,000 ounces from exchange-traded funds (ETFs) in the first half of the year, indicating ongoing supply constraints in the platinum market.
Price Projections
Should platinum prices break above the $1,675 mark, the next targets could be between $1,800 and $1,950. Conversely, if ETF outflows continue and prices close below $1,540, a further decline to $1,348.20 could be anticipated.
Market Trends
The year 2026 has seen platinum experience significant volatility, starting at $2,924 in January, dropping to $1,539.60 by July 1, and currently stabilizing around $1,620. The sharp decline in prices is attributed to the largest recorded liquidation of platinum ETFs, which was expected to alleviate supply issues but has instead resulted in a widening deficit for three consecutive quarters. The ongoing trend of revisions in supply and demand forecasts suggests that the market is at a critical juncture, with one key price level likely determining the future direction of platinum prices.