Platinum

24 July 2026, 11:03 UTC Chief Investment Office GWM Investment Research

Ongoing ETF outflows CIO View: Platinum Giovanni Staunovo, Strategist, UBS Switzerland AG

In USD/oz • Investment demand for platinum remains weak, as investors in Africa Forecasts Spot and North America reduce their holdings in platinum ETFs. 24 Jul 26 1,606 • Record platinum prices in South Africa this year and deteriorating Sep 26 1,700 fundamentals likely prompted the selling of ETF holdings, in our view. Dec 26 1,700

• Given weak jewelry and investment demand, the platinum market Mar 27 1,800 may move into a surplus this year. Nevertheless, we maintain a Jun 27 1,800 moderately constructive outlook, supported by our view that gold Source: UBS prices will rise.

Shifts in platinum ETF holdings by regions since start of 2025 Last year, platinum recorded modest ETF inflows of around 51,000 ounces. Values are in thousand ounces So far this year, however, platinum ETF holdings have declined by roughly 515,000 ounces to 2.8 million ounces. In our view, the more interesting aspect of ETF holdings is the regional split. Europe-based platinum ETFs declined between June and July last year and have remained broadly stable since. Africa-based platinum ETFs began to see larger outflows in January this year. These ETFs are denominated in local currencies, and with platinum reaching a record high in South African rand terms, profit-taking is likely the main driver of the decline.

By contrast, North America-based platinum ETFs continued to record inflows until February this year. Since March, however, these ETFs have Source: Bloomberg, UBS experienced sizable outflows. We believe two factors drove last year’s inflows. First, concerns that the US might impose tariffs on platinum imports, which ultimately did not materialize. And second, investor buying following the European Commission’s decision to soften the ban on sales of internal combustion engine vehicles in the European Union from 2035. This, however, will not affect demand in the near term. Higher oil prices, market pricing of US rate hikes this year, and weaker precious metals prices likely prompted North American investors to reduce their platinum ETF holdings this year.

Given weak jewelry and investment demand, there is a risk that the platinum market could move into a surplus this year. However, given our expectation that gold prices will rise over the coming months, we retain a moderately constructive outlook for platinum.

This report has been prepared by UBS Switzerland AG. Please see important disclaimers and disclosures that begin on page 2.

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