The recent and ongoing surge in the price of gold has put all precious metals back in the spotlight. As the ounce of gold breaks new records and approaches $3,800 per ounce, investors are turning to other diversification assets, notably platinum.

Platinum, which is rarer than gold but receives less media coverage, has specific characteristics on both the demand and supply sides. The key question is: does platinum follow the gold boom, or does it evolve according to its own logic?

In the following lines, we offer a comprehensive analysis of recent trends, highlighting the parallels and differences between these two metals.

SUMMARY OF THE ARTICLE: 

• 1) Gold remains the reference and catalyst of precious metals
• 2) Platinum remains a metal rarer than gold
• 3) Platinum and gold: a complementary relationship
• 4) Recent trends in the price of platinum
• 5) Perspectives for the coming months

1) Gold remains the reference and catalyst of precious metals 

Since the beginning of the year, gold has established itself as the refuge asset par excellence. Driven by the prospect of rate cuts in the US, a weakening dollar and massive central bank purchases, yellow metal has surpassed historical levels. Its progression illustrates the need for security in a context of economic and geopolitical uncertainty. 

As a result, gold plays a catalyst role for the other precious metals. When capital flows to the yellow metal, part of this interest mechanically transfers to silver and platinum. But this influence is not absolute: each metal retains its own fundamentals. 

2) Platinum remains a metal rarer than gold 

Platinum is nearly thirty times rarer than gold in the earth’s crust. Its annual production is extremely concentrated: more than 70% comes from South Africa and about 10% from Russia. This geological rarity makes it a valuable asset, but also vulnerable to any supply disruption. 

Unlike gold, whose value is mainly based on its monetary and patrimonial role, platinum is a metal with strong industrial utility. It is notably used: 

• In high-end jewelry, 
• In the automotive industry (particularly in the composition of catalysts),  
• In hydrogen-related technologies, as a catalyst in fuel cells.

3) Platinum and gold: a complementary relationship 

Finally, if we compare the two metals, we notice a logic of complementarity rather than competition.  

- Gold protects against financial and monetary crises;  

- Platinum offers a higher potential return in the economic growth phase. 

For an investor, the combination of both can therefore constitute a balanced strategy. Gold ensures stability and security, while platinum allows capturing opportunities related to the evolution of the global economy and technological innovations. 

Thus, even if platinum does not blindly follow the rise of gold, it indirectly benefits from increased attention to precious metals. 

 - Like him, he benefits from the weakening of the dollar, which makes precious metals more attractive to non-US investors.  

- Similarly, the prospect of lower interest rates also reduces the attractiveness of fixed assets, favoring the purchase of metals. 

- Finally, the nervousness of the markets pushes investors to diversify their portfolios. 

4) Recent trends in the price of platinum 

If we draw a parallel between the prices of these two precious metals, we can observe that in September 2025, platinum saw a significant increase, but less spectacular than that of gold.  

Over a long-term horizon (since the beginning of 2020), the price of platinum and gold follow a relatively neutral trend until the beginning of 2024. At this period, gold freed itself from the 2,000 dollars per ounce and began its continuous rise. A second bullish push will take place at the beginning of 2025 and a third during the summer. 

It is only from May 2025 that platinum will also take a very marked upward trend. 

This differential highlights that platinum did not benefit from the same "refuge" craze as gold. However, the underlying trend remains positive. The recovery in the automotive sector, combined with expectations of growing hydrogen-related demand, is supporting prices.  

For the investor, it is therefore interesting to observe the partial decorrelation with gold: platinum rises, but for different reasons (recent news). 

5) Perspectives for the coming months 

In the short term, platinum could continue to benefit from the spillover effect of gold. Market jitters and the search for diversification encourage investors to look beyond the yellow metal.  

However, the evolution of platinum will mainly depend on specific factors:  

• The automotive demand,  
• Hydrogen-related projects 
• The stability of the South African supply 

In the medium term, if the energy transition is confirmed, the role of platinum in fuel cells could transform its market. Some analysts believe that this new demand could reduce the historical gap between gold and platinum. Others remain cautious, pointing out that volatility is inherent in this metal. 

Conclusion 

It is true that platinum does not follow the surge of gold in a mechanical way, but it benefits indirectly. Gold remains the refuge value par excellence, driven by monetary policies and fear of inflation. Platinum, on the other hand, is based on industrial fundamentals that give it its own dynamic. 

For the investor, this means that platinum is a complementary opportunity, more cyclical and riskier, but also full of potential.  

Ultimately, the current surge in gold draws attention to all precious metals. Platinum, still discreet compared to yellow metal, nevertheless asserts itself as a key player in the years to come, at the crossroads of financial and industrial logics.