Global gold output is likely nearing its peak, with gold mining production gradually plateauing over the next two years, according to a new report from the World Gold Council.

However, sentiment has begun to shift as expectations for EV growth have been modestly downgraded. Analysts at TD Securities expect demand for ICE vehicles to remain strong in the U.S., providing ongoing support for PGM demand.

Today's session alone saw gains of $171, representing nearly an 8% advance and marking platinum's first record for the year.