The U.K.-based research firm forecasts that global gold jewelry consumption in 2026 will be more than one-third lower than in 2023. The decline is significant enough that jewelry is expected to lose its position as gold’s largest demand component, overtaken by bar and coin investment.

Inflation fears are driving expectations that the Federal Reserve will have to raise interest rates as early as next week, and they have taken their toll on the precious metals market, including platinum.

The WPIC now predicts an 8.2 mt surplus in 2026, compared with a 9.2 mt deficit forecast earlier this year. The change is almost entirely due to a cut to investment demand, with ETF holdings expected to fall by about 12 mt this year.