Platinum prices are extending a standout 2025 rally on Tuesday, December 16, 2025, with spot quotes hovering around the $1,800–$1,830 per ounce zone in early trading—levels last seen in 2011. Data from major bullion dealers showed spot platinum around $1,828/oz in the morning (U.S. time), up roughly 1.6% over 24 hours. [1]
Platinum’s move is notable because it’s happening even as gold cools from recent highs ahead of key U.S. labor-market releases. In one of the day’s most closely watched macro setups, Reuters reported that investors were positioned cautiously ahead of delayed U.S. jobs data, while platinum still pushed higher—helped by both tight-physical-market narratives and fresh focus on European auto-policy decisions that could influence long-term demand for catalytic converters. [2]
Below is a complete, publication-ready roundup of today’s platinum price action, the news drivers moving the market, and the latest forecasts and analyst views shaping expectations into 2026—all based on information available on 16.12.2025.
Platinum price today: spot and futures levels (December 16, 2025)
Because platinum trades around the clock and pricing differs slightly by venue (spot vs. futures), today’s headlines are best understood as a range rather than a single print.
- Spot platinum: APMEX quoted $1,828.40/oz, showing a +$29.90 (+1.64%) move over the prior 24 hours (timestamped 12/16/2025 8:13 AM ET). [3]
- Spot market snapshot (Kitco): Kitco listed platinum around $1,810 bid / $1,820 ask at 08:02 EST, with an indicated intraday low near $1,774 and high near $1,840. [4]
- Platinum futures (Investing.com): Investing.com’s platinum futures page showed ~$1,845 with a stated daily trading range of $1,804.20 to $1,861.60, and a 52‑week range of $885.00 to $1,861.60. [5]
What this means for readers: “Platinum price today” is best framed as roughly $1,810–$1,830 spot, while actively traded futures were probing the mid‑$1,800s, with the day’s top end brushing the $1,860 area. [6]
Why platinum is rising today: the three big drivers on 16.12.2025
1) “Highest since 2011” momentum is attracting fresh attention
Reuters described platinum as hitting its highest level since September 2011, even while other precious metals were mixed. In Reuters’ pricing snapshot, spot platinum rose about 1.3% to $1,805.85 during the session, reinforcing the sense that platinum has become a new focal point in the broader precious-metals complex. [7]
That “multi‑year high” label matters in real markets: it tends to pull in momentum traders, systematic strategies, and generalist investors who previously ignored platinum because it spent years lagging gold.
2) Macro backdrop: traders are braced for U.S. jobs data and rate expectations
On Tuesday, gold softened as markets waited for delayed U.S. employment reports (covering October and November) and later-week inflation releases—data that can shift expectations about the Federal Reserve’s 2026 rate path. Reuters noted that the jobs release would be missing some details due to disruptions in U.S. data collection following a government shutdown, but it still sits at the center of near-term rate expectations. [8]
Why this matters for platinum specifically:
- Platinum is part precious metal (sensitive to the U.S. dollar and real yields) and part industrial metal (sensitive to growth expectations and manufacturing demand).
- When markets lean toward lower rates or a weaker dollar, precious metals often benefit. Even if gold pauses, platinum can outperform if its industrial story is improving at the same time.
3) Europe’s auto-policy headlines: possible shift on the 2035 combustion-engine ban
One of the most platinum-relevant headlines in today’s news cycle is coming out of Brussels.
- Reuters reported that Europe’s carmakers were looking for a reprieve as the European Commission was expected to unveil an auto sector package on Tuesday (Dec. 16), potentially watering down the effective ban on new combustion-engine cars currently slated for 2035. [9]
- In the precious-metals market wrap, Reuters quoted a strategist who said a backtrack would likely be supportive for internal combustion vehicles, which use platinum and palladium (notably in catalytic converters). [10]
This doesn’t guarantee a sudden surge in platinum demand—policy details and timelines still matter—but it helps explain why platinum can rally on a day when investors are otherwise cautious ahead of U.S. macro data.
Platinum supply story: deficits, inventories, and why the market feels “tight”
Platinum’s 2025 strength hasn’t been driven by one factor. A recurring theme is tightness in physical availability—and today’s analysis stream added fresh detail.
Nornickel-linked forecast: deficit still expected in 2025
A Commerzbank note highlighted by FXStreet said Russia’s largest palladium producer published updated forecasts indicating:
- Platinum deficit of ~300,000 ounces in 2025 excluding investment demand
- Deficit of ~400,000 ounces including investment demand [11]
That same note emphasized a key nuance: different organizations model “investment demand” differently, and conclusions about whether higher prices are justified can change depending on what you assume about ETFs, bars and coins, and exchange inventory flows. [12]
WPIC’s baseline: big 2025 deficit, moving toward balance in 2026 (if trade tensions ease)
The World Platinum Investment Council (WPIC) recently projected:
- A 2025 platinum market deficit of 692 koz, alongside constrained supply
- A move to a small 20 koz surplus in 2026—conditional on easing trade fears and changes in exchange/ETF flows [13]
WPIC also pointed to indicators of tightness in the market (lease rates and backwardation), arguing that tight conditions can persist even after a big price run. [14]
Bottom line: Today’s market is balancing two truths at once—(1) platinum has already rallied sharply, and (2) multiple credible outlooks still describe a market that is structurally constrained, even if 2026 trends toward balance.
Platinum price forecast and outlook: what major analysts are saying right now
Morgan Stanley’s 2026 call: platinum at $1,775/oz
In a broader precious-metals outlook published today, Reuters reported that Morgan Stanley forecasts platinum at $1,775/oz in 2026 (with palladium at $1,325), citing structural imbalances and different demand drivers across the complex. [15]
That projection is important for two reasons:
- It’s a mainstream bank forecast released on Dec. 16, so it will be widely referenced.
- It sits close to today’s spot price area, which implicitly suggests the bank expects slower gains (or consolidation) after 2025’s surge, even if longer-term fundamentals remain supportive.
Commerzbank/Nornickel comparison: divergence comes down to “investment demand” assumptions
The FXStreet/Commerzbank commentary stressed that when you exclude investor demand, WPIC’s framework can even imply oversupply, which would not support further price gains—highlighting why the next phase for platinum may depend heavily on whether investors keep adding exposure via ETFs, bars, coins, and exchange inventory changes. [16]
Technical signals: “Strong Buy,” but levels are getting stretched
Technical dashboards won’t tell you why platinum is moving, but they do reveal how crowded the trend may be.
- Investing.com’s futures page stated the daily technical signal was “Strong Buy” and highlighted how close price is to the top of the 52‑week range. [17]
With futures printing up to the mid‑$1,800s and the day’s trading range extending toward $1,861, traders are watching whether the market can hold above the psychologically important $1,800 zone without sharp pullbacks. [18]
What to watch next: the catalysts that could move platinum after today
U.S. macro calendar (immediate)
Reuters emphasized that markets were focused on U.S. employment data (October and November) and upcoming inflation releases (CPI and PCE). These prints can quickly swing the U.S. dollar, real yields, and risk appetite—all of which can feed into platinum prices. [19]
Europe’s policy follow-through (near-term)
If the European Commission’s auto-sector package or related political messaging materially changes expectations for the pace of ICE phaseouts, it could influence longer-run projections for catalytic converter demand—especially for platinum and palladium. [20]
Inventory signals and the investment channel (ongoing)
The market is acutely sensitive to whether “tightness” is being eased by above-ground stocks, ETF flows, or exchange inventory movements—exactly the variables analysts are debating in today’s research notes. [21]
The takeaway for December 16, 2025
Platinum’s surge in 2025 is no longer flying under the radar. Today’s pricing shows a metal trading around $1,810–$1,830 spot and mid‑$1,800s in futures, holding near its highest levels since 2011. [22]
The day’s narrative is being driven by:
- a macro market braced for U.S. jobs and inflation data, [23]
- fresh attention to EU auto policy and what it may mean for future PGM demand, [24]
- and renewed debate over whether the platinum market remains in a deficit (and how much that depends on investor behavior). [25]
Meanwhile, the forecast picture is becoming more nuanced: Morgan Stanley’s $1,775/oz 2026 view implies a slower pace after the rally, even as structural constraints remain a core part of the bull case. [26]
Note: Prices are quoted in U.S. dollars per troy ounce and can change rapidly. This article is informational and not investment advice.
References
1. www.apmex.com, 2. www.reuters.com, 3. www.apmex.com, 4. www.kitco.com, 5. www.investing.com, 6. www.apmex.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.fxstreet.com, 12. www.fxstreet.com, 13. www.prnewswire.com, 14. www.prnewswire.com, 15. www.reuters.com, 16. www.fxstreet.com, 17. www.investing.com, 18. www.investing.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.fxstreet.com, 22. www.kitco.com, 23. www.reuters.com, 24. www.reuters.com, 25. www.fxstreet.com, 26. www.reuters.com
