2023 vs 2024 Platinum Price Trends: Detailed Comparison & Analysis
Platinum Price Trends
2023 vs. 2024 Platinum Price Per Gram Trends
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Comparative Analysis of Platinum Prices: 2023 vs. 2024
Monthly Comparison
Month
2023 Price (USD/gram)
2024 Price (USD/gram)
Change (%)
Observations
January
34.78
31.76
-8.67%
Lower industrial demand post-holidays in 2024.
February
33.18
29.45
-11.23%
Continued weak industrial activity in early 2024.
March
30.86
28.13
-8.85%
Reflects global economic slowdown.
April
31.73
29.32
-7.61%
Stable but subdued demand across sectors.
May
34.40
30.48
-11.39%
Reduced volatility as demand normalized in 2024.
June
32.31
33.11
+2.48%
Recovery in 2024 due to higher industrial uptake.
July
28.87
31.89
+10.46%
Stronger mid-year demand in 2024.
August
30.32
31.03
+2.34%
Stabilized prices reflect consistent demand.
September
31.60
29.84
-5.57%
Seasonal demand taper in both years.
October
28.97
31.64
+9.23%
Recovery from seasonal lows in 2024.
November
29.74
31.99
+7.56%
Stronger year-end performance in 2024.
Overview
Platinum prices in 2024 exhibited slightly less volatility compared to 2023, with narrower fluctuations over the months. While both years saw variations driven by global market events, industrial demand, and investment trends, a year-on-year comparison reveals notable differences.
1. Yearly Trends
2023: Prices started high in January (34.78) and declined through the year, bottoming out in July (28.87), before stabilizing somewhat in Q4.
2024: The year began with lower prices in January (31.76) compared to the same month in 2023, with fluctuations remaining moderate and peaking in June (33.11).
2. Key Drivers
Industrial Demand:
In 2023, the automotive sector's transition from diesel vehicles and slow adoption of hydrogen technologies likely led to reduced demand, especially during the mid-year dip.
In 2024, there appears to be more stable demand, possibly due to increased interest in hydrogen fuel cells and the stabilization of the automotive market.
Supply-Side Dynamics:
South Africa, a leading platinum producer, likely influenced prices both years.
Strikes and energy crises in 2023 contributed to some price volatility. In 2024, improved mining output and fewer disruptions may have provided stability.
Economic Factors:
2023 saw significant global inflationary pressures and aggressive rate hikes by central banks, which weighed on industrial metals like platinum.
By 2024, central banks began to ease monetary policies, which likely supported moderate recovery in platinum prices, as seen in June's peak (33.11) and steadier pricing later in the year.
3. Observations
Seasonal Patterns:
Both years show typical seasonality, with mid-year dips (notably in 2023) and stronger performance toward the year's end.
June 2024's peak (33.11) suggests renewed industrial and investment interest.
Stability in 2024:
Compared to the steeper price drops in 2023, 2024 prices were steadier, indicating improved market confidence and consistent demand.
Price recovery in the second half of 2024 (e.g., October and November) exceeded the corresponding months in 2023.
Macroeconomic Influence:
In 2024, reduced uncertainty about central bank policies and a potential global economic recovery likely contributed to stabilizing platinum markets.
Geopolitical stability (relative to 2023) and easing inflation may have supported consistent prices.
