The platinum market is expected to move to being in balance in 2026 – but this is contingent on a lessening of the trade tensions that have accentuated this year’s substantial platinum market deficit of close to 700 000 oz.

Palladium prices advanced on Monday despite a slight uptick in the US dollar against most major currencies, as markets closely awaited the Federal Reserve’s policy decision. A series of major central-bank meetings is scheduled this week, with the Fed at the forefront. Expectations point toward an interest-rate cut.

The Platinum price has risen by more than 80% in the year that is coming to an end, putting it on track for its strongest annual gain since exchange trading began 38 years ago. The annual high was recorded in October at just over $1,730 per troy ounce and was almost reached again at the beginning of December, which corresponds to the highest level since February 2013. The price increase was driven ...