Platinum: Back to Oversupplied in 1Q26

The platinum market returned to a surplus in 1Q26 as investment demand turned negative and industrial sectors weakened. Consequently, UBS lowered its price forecasts while maintaining a moderately constructive outlook tied to rising gold prices.

Key Takeaways

• 1.The platinum market recorded a surplus of 268,000 ounces in 1Q26, ending a string of deficits since 3Q24.
• 2.Investment demand slumped significantly, shifting from strong inflows in late 2025 to outflows in early 2026.
• 3.UBS has lowered its platinum price forecasts due to a less tight market and global economic growth risks.

Table of Contents

• Back to oversupplied in 1Q26
• Appendix
• Risk information
• Generic investment research – Risk information
• Important Information About Sustainable Investing Strategies
• External Asset Managers / External Financial Consultants
• Additional Disclaimer relevant to Credit Suisse Wealth Management

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