Core Viewpoint - Analysts have significantly increased their price forecasts for platinum and palladium for 2026, driven by tight mine supply, tariff uncertainties, and a shift in investment demand from gold, with platinum nearing its best yearly performance and palladium achieving its best year since 2017 [1][2]. Price Performance - Spot prices for platinum and palladium have risen approximately 76% and 56% respectively this year, supported by gold's record-breaking rally and outflows to U.S. stocks [2]. - The median forecast for platinum in 2026 is $1,550 per troy ounce, up from $1,272 in a previous poll, with an expected average price of $1,249.50 for 2025 [4]. Supply and Demand Factors - Key factors influencing platinum prices include the potential launch of a futures contract in China, muted jewelry demand, and outflows from platinum-backed exchange-traded funds, which have eased tight spot supply during profit-taking periods [3]. - For palladium, the median forecast for 2026 is $1,262.50 per ounce, an increase from $1,100 in the previous poll and an expected average of $1,106 for 2025 [5]. Tariff Uncertainties - Uncertainty regarding U.S. import tariffs has impacted platinum group metals this year, with clarity expected from an ongoing U.S. investigation into potential new tariffs on critical mineral imports [4]. - Concerns regarding palladium are heightened by discussions in the U.S. about imposing tariffs on imports from Russia, a major producer [5]. Market Dynamics - Palladium prices had previously declined for four consecutive years due to expectations that electric vehicle adoption would reduce demand, although recent trends indicate some pushback in electric vehicle uptake [6].