Platinum Soars to Record Above $2,300 on Tight Global Supplies

Group 1 - Platinum has reached an all-time high, trading above $2,300 an ounce, driven by tight supplies and elevated borrowing costs [1] - The metal has increased more than 150% this year, marking the largest annual gain since Bloomberg began tracking data in 1987 [1] - The London market is showing signs of tightening, with banks storing metal in the US to mitigate tariff risks [1] Group 2 - Platinum is heavily utilized in the automotive and jewelry sectors, contributing to the surge in investment in precious metals this year [2] - Over 600,000 ounces of platinum are currently held in US warehouses, significantly higher than usual, as traders await the outcome of Washington's Section 232 probe [3] - Robust shipments to China and the recent trading of contracts on the Guangzhou Futures Exchange have bolstered demand optimism, with prices in Guangzhou exceeding other international benchmarks [3] Group 3 - Platinum is projected to experience a third consecutive annual deficit this year due to supply disruptions in South Africa [4] - High borrowing costs are impacting manufacturers that utilize platinum for various products, leading to a preference for leasing over outright purchases [4] - As of 8:19 a.m. in Singapore, platinum prices rose to a record $2,361.23, with palladium also experiencing gains [5]