What happened to the platinum price in Q2?

Platinum started the year at US$910 on January 2, reaching its Q1 high of US$1,035.40 on February 13.

It hovered around the US$1,000 mark to the end of the first quarter before falling to its year-to-date low of US$893.50 on April 8 on the back of US President Donald Trump’s ‘Liberation Day’ tariff announcements on April 2.

Platinum price, January 1 to July 16, 2025.

Chart via TradingEconomics.

The price gained some momentum starting on April 9 after the US government announced a 90 day pause on tariffs. Platinum climbed back toward the US$1,000 range and remained there until May 16.

After that, the price of platinum saw a dramatic climb, first rising to US$1,081 on May 26 and then jumping even higher to reach an 11 year high of US$1,454.50 on July 14.

Platinum demand rises, supply shrinks

In its latest platinum quarterly, released on May 19, the World Platinum Investment Council (WPIC) reinforces many of the same beliefs it held at the beginning of the year, but adds nuance on evolving trade policy in the US.

In the first quarter of the year, demand for platinum increased by 10 percent year-on-year, rising to 2.27 million ounces from 2.06 million ounces. The growth came despite a 4 percent decline in demand from the automotive sector — its usage fell to 753,000 ounces during the first three months of the year from 784,000 ounces in 2024. There was also a 22 percent decline from industrial components, which sank to 527,000 ounces from 673,000 ounces.

Gains in platinum demand largely came from a more than 300 percent rise in investment, which jumped to 461,000 ounces in 2025’s first quarter from 113,000 ounces recorded in the first quarter of 2024.

Much of the increase was owed to significant additions to aboveground stocks held by exchanges, which gained 361,000 ounces during the quarter, versus an 11,000 ounce loss in the same period of 2024.

Additionally, jewelry demand saw a 9 percent increase, rising to 533,000 ounces. Jewelry makers are beginning to use platinum instead of gold as the price of the yellow metal trends near all-time highs.

The increase in demand was met with significant declines in supply.

Q1 saw a 25 percent decrease in supply, which fell to 1.46 million ounces compared to 1.95 million ounces a year ago. This is the lowest quarterly production since the second quarter of 2020.

Most significant were the declines from South Africa, the world’s largest producer of platinum, where output dropped to 715,000 ounces in Q1 from 1.16 million ounces in the year-ago period.

The WPIC attributes the decrease to heavy rainfall events and flooding, which has impacted mining activities. However, South Africa has been facing significant challenges in recent years as operations in the country have dealt with issues including declining grades and instability in the nation’s power grid.

“Roughly 73 percent of the platinum supply comes from South Africa. South Africa is suffering from power outages. It’s dependent on this dilapidated infrastructure that needs really improving, and that obviously translates to the difficulty of mining platinum,” explained Butler, who writes for publications including the Morgan Report.

Butler added that the other primary supplier of the metal is Russia, whose output isn’t making it into western hands due to the sanctions stemming from its invasion of Ukraine in February 2022.

Rick Rule, proprietor at Rule Investment Media, also called out supply-side risks with South Africa and Russia.

“Neither of those places, politically, are garden spots. Russia is at war, which is difficult. South Africa has ongoing social challenges that haven’t yet really manifested themselves, but I suspect will,’ he said.

‘In the South African mining industry, first of all, the South African government keeps making noises about nationalizing the mines or increasing the social take. What that means is that the mining companies won’t make substantial capital investments in the mines because they don’t know who’s going to own them,” he said in an interview on July 9.

Industrial demand for platinum boost price

Industrial demand for platinum rose during the quarter on the back of speculative buying in the US and China, helping propel the metal above US$1,400. The buying was a result of carmakers stockpiling the metal in June ahead of a vote on a new US spending bill that was set to revoke consumer subsidies for the purchase of new EVs.

The bill was ultimately signed into law by Trump on July 4. It also eliminates penalties for vehicles that don’t meet Corporate Average Fuel Economy Standards. The laws have been part of the Environmental Protection Agency’s mandate for decades, and Congress can’t remove them entirely; instead, fines for violations are now zero.

The combination of removing penalties and dropping EV credits may cause carmakers to adjust plans to roll out new EVs in favor of hybrids or internal combustion engine vehicles.

“If the green energy transition doesn’t happen as swiftly as we believe it will, we could see a reversion back to internal combustion engines, and platinum is a crucial component in those cars,” Butler said.

Platinum price forecast for 2025

Platinum fundamentals are strong. Demand for the metal for the year is expected to outstrip supply by a considerable margin, with the WPIC predicting a deficit of 966,000 ounces this year.

That would follow a 992,000 ounce shortfall in 2024.

However, Rule urged some caution for investors due to overall market conditions.

“Platinum and palladium are economically sensitive … if the economy continues to deteriorate, likely that softness will extend to the internal combustion engine car sales, and that could impact platinum and palladium prices,” he said.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$118,687, up by 0.8 percent in the last 24 hours. The day’s range for the cryptocurrency brought a low of US$117,829 and a high of US$120,689.

Bitcoin price performance, July 18, 2025.

Chart via TradingView

Ethereum (ETH) was priced at US$3,604.95, up by 7.2 percent over the past 24 hours. Its lowest valuation as of Friday was US$3,382.09 and its highest was US$3,669.85.

Altcoin price update

• Solana (SOL) was priced at US$180.04, up by 4.1 percent over 24 hours. Its lowest valuation on Wednesday was US$172.08, and its highest was US$184.13.

• XRP was trading for US$3.45, up 7.8 percent in the past 24 hours. The cryptocurrency’s lowest valuation was US$3.21, and its highest was US$3.65.

• Sui (SUI) is trading at US$4.03, down by 2.7 percent over the past 24 hours. Its lowest valuation was US$3.91, and its highest was US$4.23.

• Cardano (ADA) was trading at US$0.8524, up by 4.3 percent over 24 hours. Its lowest violation was US$0.7885 while its highest was US$0.8865.

Today’s crypto news to know

US passes first major federal crypto regulation

The US Congress has passed the first-ever federal law to regulate stablecoins—marking a milestone victory for the digital asset industry.

The bill, formally titled the “Genius Act,” cleared the House this week after earlier winning bipartisan support in the Senate.

It now awaits President Trump’s signature, which would make it the first major digital asset legislation enacted into law in the US. The legislation establishes clear oversight for stablecoin issuers, including requirements for reserve backing, regular audits, and compliance with anti-money laundering and sanctions laws.

Lawmakers argue that such rules are necessary to ensure the safety of a fast-growing market that is pegged to the US dollar but has, until now, operated in a regulatory gray zone.

Stablecoins are used to facilitate trading, payments, and transfers within the crypto ecosystem without the volatility of traditional cryptocurrencies like Bitcoin. Treasury Secretary Scott Bessent recently stated the law could help grow the stablecoin market to US$3.7 trillion by 2030.

Two other bills also passed the House during the so-called “Crypto Week”: one defining which crypto assets are securities or commodities, and another barring the Fed from launching a US central bank digital currency.

These bills will now proceed to the Senate, but the Genius Act’s passage alone is already being hailed as a defining moment in the evolution of U.S. crypto regulation.

Crypto market soars past US$4 trillion after bill’s passage

The global crypto market capitalization has topped US$4 trillion for the first time, spurred by optimism following the US House’s passage of federal stablecoin legislation.

Investors are piling into altcoins and crypto-related equities as momentum builds behind what markets have dubbed “Crypto Week” in Washington. Ether led the charge with a 22 percent jump over five days, while Bitcoin soared to an all-time high of US$123,205 and continues to make up over half of the market’s total value.

The gains reflect increasing confidence that a regulatory framework is finally taking shape in the world’s largest economy.

Analysts predict that the stablecoin sector alone could balloon to US$3.7 trillion by 2030, especially with state and federal guardrails in place. ETF inflows have been particularly strong this month, with US-listed Bitcoin and Ether funds attracting a combined US$8.4 billion in July.

House blocks digital dollar rollout with Anti-CBDC Act

The US House passed the CBDC Anti-Surveillance State Act, effectively banning the Federal Reserve from issuing or piloting a digital dollar without direct approval from Congress.

The move represents growing Republican backlash against central bank digital currencies, or CBDCs, which critics fear could enable state monitoring of financial transactions.

The bill passed on a razor-thin 219–217 vote, marking the third major crypto bill to clear the chamber during Washington’s so-called “Crypto Week.”

Unlike cryptocurrencies like Bitcoin, CBDCs are centralized and government-controlled, raising concerns about programmability and surveillance.

With this vote, the House has now backed legislation on stablecoins, crypto market structure, and CBDCs — a trifecta of digital asset policy initiatives that now await Senate scrutiny.