Platinum Lifted by Hydrogen Vehicle Catalyst Demand, Rises to $1,080 High

Platinum prices climbed to $1,080/oz this week, up more than 14% year-to-date, driven by several key factors: rapid growth in hydrogen fuel cell vehicle sales in Asian markets, where platinum is a core raw material for fuel cell catalysts; production declines at major South African platinum mines due to electricity shortages; and increased platinum usage from tightened catalytic converter standards for hybrid vehicles in the US and Europe. Analysts note the platinum-to-gold price ratio is now about 1:3; historically platinum has typically traded at a premium to gold, indicating significant undervaluation and substantial room for price recovery in the medium term.