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Platinum Price Forecast: Widening Deficit Puts $1,900 Back in Focus
Commodities

Platinum Price Forecast: Widening Deficit Puts $1,900 Back in Focus

By: 
Navnoor Bawa
Published: Jul 28, 2026, 20:36 GMT+00:00

Key Points:

  • Platinum trades near $1,620 after a 44.6% retreat from its January high, with $1,540-$1,675 defining the range ahead of the July 29 FOMC decision.
  • WPIC widened its 2026 deficit forecast to 297,000 ounces despite roughly 700,000 ounces of H1 ETF liquidation, pointing to persistent supply tightness.
  • A break above $1,675 could target $1,800-$1,950, while renewed ETF outflows and a close below $1,540 would expose $1,348.20.
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Platinum Eyes $1,900: Why Its Deficit Keeps Widening

Key Takeaways

  • Platinum trades near $1,620 after a 44.6% retreat from its January high, with $1,540-$1,675 defining the range ahead of the July 29 FOMC decision.
  • WPIC widened its 2026 deficit forecast to 297,000 ounces despite roughly 700,000 ounces of H1 ETF liquidation, pointing to persistent supply tightness.
  • A break above $1,675 could target $1,800-$1,950, while renewed ETF outflows and a close below $1,540 would expose $1,348.20.

Platinum has round tripped hard in 2026. $2,924 in January, $1,539.60 by July 1, roughly $1,620 today. My read is that the crash was funded by the largest platinum ETF liquidation on record, and the deficit that selling was supposed to fix has widened for the three straight quarters anyway. The revision trend explains why. One level decides which way this breaks.