2024 platinum market faces a 1M oz deficit due to 1% supply decline and 3% demand increase.

The platinum market is projected to face a deficit of over one million ounces in 2024, with supply declining by 1% to 7,089 koz, while demand is expected to rise by 3% to 8,118 koz. Investment demand will be bolstered by ETF inflows and increased bar and coin purchases, particularly in China. Jewelry demand is anticipated to grow by 7%, influenced by high gold prices. Automotive and industrial demand are also set to increase by 1%.

September 10, 2024
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