Platinum prices fluctuated intraday, dipping after a slightly higher open in the morning session before seeing a weak rebound toward the close. Ultimately, the most-traded GFEX platinum contract closed the morning session at 491.4 yuan/gram, up 0.22%. The SGE Pt9995–GFEX PT2606 spread remained inverted, with the price difference holding at 5–10 yuan/gram. Spot side, mainstream spot platinum premiums continued to narrow compared to the previous trading day. Morning mainstream quotations from traders ranged from parity to a 3 yuan/gram discount to GFEX PT2606, with some platinum warrants sold at a slight premium. Transaction side, according to SMM, morning offers at a 1–3 yuan/gram discount to GFEX saw good turnover, with lower-end quotes quickly locked in by the market. As futures prices declined subsequently, higher-end quotes also saw transactions. With recent futures declines boosting downstream inquiries, the market generally reported that upstream shipments were limited due to low absolute prices, and some traders opted to wait for delivery, leaving spot cargo relatively tight. Overall, the spot market was fairly active today.

Published：May 13, 2026 The World Bank recently revised its precious metals outlook for 2026. The group now anticipates this basket of commodities to rise collectively by 42% in 2026. This represents a significant upward shift in projections, primarily fueled by the escalating Middle East conflict, rampant energy supply disruptions, dampened global growth, and heightened financial uncertainty. Precious Metals Lead the Commodity Complex In January 2026, the World Bank issued a commodities report that predicted a positive jump in its precious metals index for the year. This grouping holds gold, silver, and platinum, notably excluding palladium. Within Q1 alone, each asset in this basket of precious metals soared above the group’s expectations. Furthermore, each of these metals climbed to record highs in the early innings of the year. Gold prices shot up beyond $5,400/oz. Silver exploded to $116/oz. Platinum prices jumped to $2,770/oz. In late April, the World Bank issued another commodities report raising its precious metals outlook. Now, the group projects this collection of metals will surge by 42% throughout 2026, compared to the averages in 2025. Crucially, precious metals are projected to outperform nearly all other commodities, including base metals, fertilizer, and even energy prices. The global bank’s forecasts position silver as the highest-performing metal in 2026, with platinum as a close second. While gold is also expected to rise significantly, the yellow metal’s already elevated value means smaller percentage gains. Why the World Bank Expects Precious Metals to Rise A handful of long-running and newly forming factors are propelling the World Bank’s precious metals predictions higher for 2026. This fuel is a combination of geopolitical, macroeconomic, and fiscal policy issues: 1. Geopolitical Safe-Haven Demand Among the more pressing and immediate tailwinds for precious metals is war in Iran , which has spilt over into the broader Middle East region. The conflict has effectively choked off the Hormuz Strait, where nearly 20% of the world’s oil flows through. Drone and artillery attacks on various energy installations throughout the Gulf States further complicate the energy crisis. In response, investors have been actively rotating into safe-haven assets, such as precious metals, to offset the economically damaging effects of the oil shock and broader energy shortage. Historically, gold has consistently shown a tendency to perform well during periods of geopolitical turmoil and a loss of confidence in fiat systems. 2. Inflationary Energy Shock March marked the single largest inflation-adjusted quarterly rise in oil since 1988, per the Energy Information Administration . Throughout Q1, Brent crude nearly doubled, leaping from $61 to $118 per barrel. In March alone, liquid natural gas costs rose by 59% in European markets and by 94% in Asia. This collective surge in energy prices threatens to drive global inflation higher as loftier fuel costs drive up prices in virtually all sectors. The World Bank revised its inflation forecasts for Emerging Market and Developing Economies (EMDEs) to a staggering 5.1%. Once again, precious metals stand to gain, especially gold, which has a proven track record going back centuries for keeping pace with inflation . 3. Market Volatility & Policy Uncertainty The international financial institution further warns that the combination of geopolitical instability and rising inflation threatens to undermine market confidence and fiscal policy direction. Mainstream assets heavily tied to fiat currencies tend to wane during periods of high uncertainty, increasing the appeal of safe-haven assets . Gold demand is likely to increase from central banks, major financial institutions, and retail investors as traditional assets struggle. 4. Slowing Growth & Stagflation Risks At the same time, EMDE inflation is expected to rise, and growth across most economies is projected to fall, creating a one-two punch of economic hardship. This trend is playing out in advanced economies, too, with the U.S. gross domestic product hitting only 0.7% in Q4 2025 . The economy recovered slightly in Q1 2026, reaching 2%, according to the Bureau of Economic Analysis , but it remains far from ideal levels. Source: Bureau of Economic Analysis The alarming trifecta of slowing growth, rising inflation, and soaring commodity prices has the World Bank cautioning about the elevated odds of stagflation . In this challenging economic climate, all the tailwinds for precious metals would only intensify. Precious Metals Forecasts Remain Elevated Although precious metals have moderated since their early-year highs, experts across various sectors remain bullish on the upward potential of these commodities. Most notably, 2026 gold price forecasts remain above $6,000/oz. Meanwhile, silver price predictions for the year sit near $105/oz. These positive expectations fall right in line with the World Bank’s upward revision of its earlier predictions, signaling a strong potential for further growth among these key precious metals. Navigate Global Turmoil with Our Free Precious Metals Guide If you’re interested in learning more about how you can strategically position your portfolio to take advantage of these precious metals, grab a FREE copy of our Precious Metals Investment Guide . It covers everything you need to know about buying, holding, and managing physical gold and silver to protect your wealth. Source： https://www.sbcgold.com/blog/world-bank-sees-precious-metals-surging-42-in-2026-amid-global-turmoil/

Platinum prices remained under pressure intraday. Precious metals continued to be weighed down by rising rate hike expectations and easing tariff concerns. In the morning session, the most-traded GFEX platinum contract closed at 490.55 yuan/gram, down 2.36%. The SGE Pt9995 versus GFEX PT2606 spread remained inverted, with the price difference staying around 5 yuan/gram. Spot side, mainstream quotations for spot platinum premiums narrowed compared to the previous trading day. In the morning session, traders' mainstream quotations were at a discount of 1-3 yuan/gram to GFEX PT2606, with some platinum warrants sold at a discount of 0.5-1 yuan/gram. Transaction side, according to SMM, a small volume was traded at the mainstream quotations of 1-3 yuan/gram discount to GFEX in the morning session, with transaction prices clearly skewed toward the lower end. As futures continued to decline since last Friday, downstream inquiries increased, and some enterprises ended their wait-and-see stance to negotiate purchases. Overall activity in the spot market recovered somewhat.

Platinum prices came under pressure and fell sharply intraday. In the morning session, the most-traded GFEX platinum contract PT2606 hit a lowest price of 500.05 yuan/gram, down over 6%, and ultimately closed the morning session at 504.45 yuan/gram, down 5.47%. The SGE Platinum 9995 vs. GFEX PT2606 remained in inversion, with the price spread maintained at around 5 yuan/gram. Spot side, mainstream quotations for spot platinum premiums remained largely unchanged from the previous trading day. In the morning session, traders' mainstream quotations were at a discount of 3-5 yuan/gram to GFEX PT2606, with some platinum warrants held firm for sale, and warrant quotations mostly at a discount of around 1 yuan/gram to PT2606. Transaction side, according to SMM, the sharp decline in futures did not significantly boost downstream purchase willingness. Although inquiries increased, most enterprises indicated they were mainly taking a wait-and-see approach. Morning session transactions at the mainstream quotations of 3-5 yuan/gram discount to GFEX were few, with only some downstream enterprises making bargain purchases based on rigid demand. Overall activity in the spot market remained relatively low.

Published at:13th May 2026, 1:44 pm Overview India doubled platinum import duties to 15.4%, escalating costs for vehicles reliant on catalytic converters, particularly diesel SUVs and strong hybrids. This move, aimed at forex conservation, is expected to increase car prices and may accelerate the shift toward battery electric vehicles as automakers seek to mitigate rising input expenses. Duty Hike Increases Vehicle Costs India's decision to more than double its import duty on platinum, from 6.4% to 15.4%, is set to significantly increase costs for the domestic auto industry. This policy, aimed at conserving foreign exchange reserves amid geopolitical instability in West Asia, directly impacts the supply chain for internal combustion engine (ICE) vehicles, particularly their emission control systems. The move is expected to raise production costs, hitting vehicle segments that use more platinum in their catalytic converters the hardest, such as diesel sport utility vehicles (SUVs) and strong hybrid models. Market Reaction and Stock Divergence Investor reaction was mixed. Some component suppliers saw their shares decline, with Sharda Motor Industries dropping 2.1% to INR 950. In contrast, larger automakers like Tata Motors and Maruti Suzuki saw modest gains, rising 1.2% to INR 1250 and 1.5% to INR 13000. Analysts noted that companies like Maruti Suzuki (P/E 35, market cap ~$35 billion) are better positioned to pass on input costs than smaller suppliers. Tata Motors (market cap ~$20 billion, P/E 28) faces higher direct costs due to its significant diesel SUV range, while Mahindra & Mahindra (market cap ~$25 billion, P/E 32) is also exposed through its diesel-heavy offerings. Estimating Price Hikes and Emission Compliance Costs The increased duty increases the cost of meeting BS-VI emission standards. Industry estimates suggest potential price increases ranging from ₹2,500–₹4,000 for entry-level petrol cars, ₹8,000–₹12,000 for mid-size diesel SUVs, and ₹12,000–₹18,000 for strong hybrids. These figures reflect higher platinum-group metal loading, from 2-4 grams in petrol cars to 6-10 grams in diesel SUVs and 10-15 grams in hybrids. Component manufacturers such as Bosch India (P/E 45, market cap ~$12 billion) and Tenneco (P/E 15, market cap ~$3 billion) will likely face contract renegotiations, as most agreements include commodity pass-through clauses. Past duty adjustments in 2023 led to 3-5% price hikes for affected vehicles and temporary stock declines for OEMs, a pattern that could repeat if automakers cannot fully pass on costs. The Indian auto sector, which reported 8-10% year-over-year volume growth in Q1 2026, now faces added margin pressure on top of existing commodity and currency challenges. Global platinum prices have recently traded between $950-$1050 per ounce, influenced by industrial demand and global events. Risks for Automakers and EV Competition The higher import duty poses a significant risk for automakers and component suppliers heavily reliant on platinum-based catalytic converters. Companies with large portfolios of diesel SUVs and strong hybrids, including Ashok Leyland (P/E 22, market cap ~$7 billion) and Toyota Kirloskar Motor (a subsidiary of Toyota Motor Corp), face direct cost increases. This duty burden worsens their competitive position against battery electric vehicle (BEV) makers. While Tata Motors is investing in its EV division, its existing ICE operations are now less cost-competitive. Component suppliers like Sharda Motor Industries (P/E 19, market cap ~$1.5 billion) may struggle to absorb rising costs without affecting order volumes as OEMs seek to keep consumer prices stable. Previous supply chain issues have also highlighted the risks of relying on specific imported materials. Recent analysis of Q4 FY26 filings from most Indian OEMs showed strong demand but also noted existing supply chain cost pressures, suggesting limited room for absorbing further increases without impacting profitability or market share. Mitigating Costs and Shifting to EVs Automakers are exploring ways to manage these rising costs. Strategies include accelerating R&D to reduce platinum loading in catalytic converters and expanding precious metal recycling. The government's concessional duty of 4.35% on imported spent catalysts for recovery offers a pathway for recycling the metal. Analysts believe this could slightly improve the cost competitiveness of BEVs, which do not use catalytic converters. Platinum's growing importance in emerging technologies like hydrogen fuel cells and electrolysers may also lead to strategic reviews of its domestic availability and pricing. Source： https://www.whalesbook.com/news/English/auto/Indias-Platinum-Duty-Hike-Squeezes-ICE-Vehicle-Costs

Platinum prices moved sideways intraday. In the morning session, the most-traded GFEX platinum contract PT2606 closed at 531.75 yuan/gram, up 0.28%. The SGE Pt9995–GFEX PT2606 spread remained inverted, but SGE Pt9995 saw no transactions in the morning session. Spot side, mainstream quotations for spot platinum premiums were largely unchanged from the previous trading day. Morning mainstream quotations from traders were at a discount of 3–5 yuan/gram to GFEX PT2606, with some platinum warrants held at firm prices for sale. Transaction side, according to SMM, downstream buyers indicated that platinum prices remained near recent highs, purchasing sentiment was weak, and a wait-and-see approach prevailed. Morning mainstream quotations at a GFEX discount of 3–5 yuan/gram saw almost no transactions. Some enterprises chose to slightly widen discounts but still found it difficult to close deals. Platinum warrants also saw scarce transactions due to high asking prices, and the spot market overall remained in the doldrums.

Platinum prices rose sharply intraday, mainly because Peru issued an energy crisis decree, causing Peruvian mines to halt operations and thereby affecting supply, which ignited the silver market. Influenced by the spillover effect from the precious metals sector, platinum and palladium also rose significantly. In the morning session, the most-traded GFEX platinum contract PT2606 closed at 526.05 yuan/gram, up 2.90%, with the SGE Platinum 9995 versus GFEX PT2606 showing an inversion. Spot side, mainstream quotations for spot platinum premiums widened compared to the previous trading day, with traders' morning mainstream quotations at a discount of 3-5 yuan/gram to GFEX PT2606. Transaction side, according to SMM, downstream consumers showed obvious wait-and-see sentiment due to the high absolute prices driven by futures gains. Morning quotations at a GFEX discount of 3-5 yuan/gram saw very few transactions at mainstream quotations, and the overall sluggish trading in the spot market remained unchanged.

As the U.S.-Iran situation continued to fluctuate and negotiation prospects deteriorated again, platinum prices oscillated intraday. In the morning session, the most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 514.7 yuan/gram, up slightly by 0.14%, and the inversion between the SGE Pt9995 and the GFEX PT2606 contract ended. Spot side, mainstream quotations for spot platinum premiums remained largely unchanged from the previous trading day. In the morning session, traders' mainstream quotations were at a discount of 2-4 yuan/gram against the GFEX PT2606 contract. After the impact of the invoicing rectification, most traders have resumed normal quotations. Transaction side, according to SMM, downstream consumption remained relatively weak, with only some enterprises making just-in-time procurement through price negotiation. The morning mainstream quotations at a discount of 2-4 yuan/gram against the GFEX contract were difficult to transact, and overall spot market trading remained sluggish.

Last night, the U.S. and Iran exchanged fire again in the Strait of Hormuz. Amid recurring geopolitical conflicts, platinum futures prices pulled back today. During the daytime session, the most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 511.7 yuan/gram, down 1.50%, and the SGE Pt9995 versus GFEX PT2606 spread inverted. Spot side, mainstream quotations for spot platinum premiums remained largely unchanged from the previous trading day. During the daytime session, traders' mainstream quotations were at a discount of 2–4 yuan/gram to the GFEX PT2606 contract, and the ongoing invoicing rectification continued to affect some traders' precious metals quotations. Transaction side, according to SMM, downstream purchase willingness was very low with few inquiries. During the daytime session, transactions at the mainstream quotations of a 2–4 yuan/gram discount to the GFEX contract were scarce. Some traders reported that even with wider discounts, transactions remained difficult, and overall spot market trading was extremely sluggish.

Futures platinum prices rose sharply today during the daytime session. The most-traded PT2606 contract on the Guangzhou Futures Exchange closed at 505.4 yuan/gram in the morning session, up 4.14%, ending the inversion between SGE Platinum 9995 and GFEX PT2606. Spot side, mainstream quotations for spot premiums were basically flat compared to the last trading day before the holiday. In the morning session, spot platinum traders' mainstream quotations were at a discount of 2-3 yuan/gram to GFEX PT2606. Some enterprises still refrained from participating in market quotations due to invoicing rectification reasons. Transaction side, according to SMM, it was difficult to close deals at the morning session quotation of a 2 yuan/gram discount to GFEX. As futures prices continued to rise during the morning session, some enterprises chose to lower their premiums. Downstream enterprises generally had low purchase willingness due to the sharp rise in futures prices and mostly adopted a wait-and-see approach. Overall spot market transactions were sluggish.