After a final 25% surge, which lasted only three weeks, the record platinum price rally reset between 29 January and 02 February 2026 before finding support levels that lifted platinum back above US$2,000/oz.Although the precious metals complex is currently moving largely in unison, it is worth noting that platinum’s specific and compelling market fundamentals have not changed. The price increase has not solved for the ongoing shortage of metal, which is illustrated by sustained high lease rates and strong OTC backwardation.Looking back, as platinum reached an all-time high of US$2,923/oz on 26 January our platinum price attribution model (PPAM) was increasingly showing a large residual component to price setting, indicative of the significant impact that the macro-economic and geopolitical environment was having on commodity markets. With the late January 2026 platinum price correction, the residual now suggests prices are more closely aligned to traditional drivers.Figure 1: Our PPAM suggests gold prices and the US$:ZAR are the dominant incremental factors setting Pt pricesSource: Bloomberg, WPIC Research
