Platinum Soars Past $2,300 Record on Tight Supply, Borrowing Costs

• Platinum hit an all-time high above $2,300, reaching $2,361.23, driven by tight global supplies and high borrowing costs.
• The metal recorded its 10th consecutive winning session, marking its longest streak since 2017, and has surged over 150% this year.
• Over 600,000 ounces are held in US warehouses due to potential Washington’s Section 232 tariffs, while China sees robust shipments.
• Platinum faces its third annual deficit this year, primarily due to supply disruptions in major producer South Africa.
• High borrowing costs impact industrial users, leading them to lease rather than purchase the commodity outright.

Why It Matters: Tight supplies and high borrowing costs propel platinum to a record high, impacting global markets.