Platinum futures benefited from the gold price rally and its positive effect on bullion prices, rising to more than $1,030 per troy ounce by the end of October, its highest level since May.

As per the technical chart, platinum prices have stayed trapped within a rather small range despite persistent market shortfalls.

Despite reaching new highs in gold and silver, platinum has lagged. The divergence in performance highlights the distinctive obstacles that PGMs encounter as they pursue a stable bottom.

In 2023, gold experienced a relatively subdued year, reaching a new peak while demonstrating a modest 10% growth. Surprisingly, the value of platinum, its close relative, has decreased by around 10% this year.