MKS PAMP Group: Platinum prices will rise above $1,350 in 2023 with a 30% probability

Analysts at MKS PAMP Group, a Swiss precious metals trading company, assessed the platinum outlook for 2023. As they stated, the precious metal is most likely to trade flat between $1,100 and $1,350 per ounce. The probability of this scenario is 50%, according to MKS PAMP Group.

Analysts opine that a rise in platinum prices above $1,350 per ounce is 30% probable. The probability of a fall in the precious metal’s prices is estimated at 20%. Platinum prices will average at around $1,100 during the year.

Nicky Shiels, the Head of Metals Strategy at MKS PAMP GROUP, outlined a range of factors which will boost the growth of the precious metal in 2023. First, platinum prices might be influenced by severe supply disruptions. The second factor is China’s economic recovery, which has already begun to increase platinum demand. Finally, the third factor is rising hydrogen demand, which is leading to an increase in platinum stocks.