刚刚，交易所出手！铂金年内狂飙117%跑赢黄金，机构：明年或回调

Core Viewpoint - The precious metals market, particularly platinum and palladium, has experienced significant price increases, with platinum rising 114% and palladium 85% year-to-date, driven by tight supply and strong market sentiment [2][4]. Group 1: Price Movements - On December 18, platinum reached a high of $1995.6 per ounce and palladium peaked at $1787 per ounce [2]. - By the end of the day, platinum and palladium prices retreated to around $1920 and $1680 per ounce, respectively [3]. - In the domestic market, platinum jewelry prices surpassed 800 yuan per gram, with some brands reporting prices as high as 815 yuan per gram [3]. Group 2: Market Drivers - The surge in platinum and palladium prices is attributed to multiple factors, including tight physical supply, strong market sentiment, and changes in energy policies [4][7]. - The global platinum market is expected to face a supply shortage for the third consecutive year, with a projected deficit of 850,000 ounces by 2025 [8]. Group 3: Institutional Perspectives - Different institutions have varying outlooks on the future of platinum and palladium. Some, like TD Securities, predict continued strong price increases due to robust automotive demand, while others, such as Heraeus, express caution about potential price corrections [9][10]. - The World Platinum Investment Council indicates that the supply of platinum is expected to remain constrained, with limited growth potential in the coming years [8]. Group 4: Historical Context - The price increase of platinum and palladium has occurred in three phases throughout the year, with significant supply disruptions in South Africa and geopolitical tensions contributing to the price dynamics [5][6].