Platinum Dips 0.45% to USD 1,518.703 as Investment Outflows and Rate Worries Weigh

Aditi Sarkar

28 October 2026 06:37 PM AEDT

Platinum Dips 0.45% to USD 1,518.703 as Investment Outflows and Rate Worries Weigh

Image Source: Shutterstock

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Highlights

Platinum traded at USD 1,518.703, down 6.899 (-0.45%), during the session.
The session opened at USD 1,526.450 and reached a high of USD 1,535.326.
Platinum touched a session low of USD 1,514.746 on tick volume of 58.03K.
Platinum fell to USD 1,499 an ounce on 27 October, its lowest since October 2025.
The World Platinum Investment Council forecasts a 265,000-ounce surplus in 2026.
Traders are watching support near USD 1,500 and USD 1,400 and resistance near USD 1,600 and USD 1,700.

Platinum slipped 0.45% to USD 1,518.703 on 28 October 2026 as investment outflows, a softer demand outlook and rate worries weighed on the metal ahead of the Federal Reserve's decision. The session opened at USD 1,526.450 and ranged between USD 1,514.746 and USD 1,535.326, shedding 6.899.

The decline follows a drop to USD 1,499 an ounce on 27 October, the lowest level since October 2025.

Platinum Slips Toward One-Year Lows

Platinum opened at USD 1,526.450, touched a high of USD 1,535.326 and fell to USD 1,514.746, leaving the latest price at USD 1,518.703 on tick volume of 58.03K. Platinum fell to USD 1,499 on 27 October, its lowest since October 2025, and lost about 14% over the prior four weeks.

TradingView chart for Platinum

Image source: Tradingview chart, 28 October 2026

Investment Outflows and a Softer Demand Outlook

Outflows from investment products and a weaker demand outlook pressured prices. The World Platinum Investment Council forecasts a 265,000-ounce surplus in 2026, with automotive demand down 4% and industrial demand projected to rise 5%.

Costly Fuel Clouds Auto Demand

The Middle East conflict has kept energy prices high, and costlier fuel and auto loans could hurt vehicle sales and catalytic converter demand. Platinum is used in both gasoline and diesel vehicles, and its return to gasoline autocatalysts has expanded its share of platinum group metals in vehicles with combustion engines and hybrids. Constrained mine supply from South Africa remains a support.

Rate Worries and Risk Aversion

Higher energy prices have raised inflation worries and expectations of tighter monetary policy, which makes non-yielding metals less attractive. The Fed is expected to hold rates at 3.75%-4.00% at 14:00 ET today, with about an 84% chance of a December hike priced in.

A broad selloff on 27 October, driven by concerns about AI-related spending, saw investors sell assets to cover losses elsewhere.

Technical Outlook: Platinum

Platinum was quoted at USD 1,518.703, against an opening level of USD 1,526.450, a session high of USD 1,535.326 and a session low of USD 1,514.746. The change on the day stood at -6.899, or -0.45%.

Platinum peaked near USD 2,880 in late January 2026 and has posted lower highs since, with rallies in March, May and September each stalling below the last. Prices now sit near the July lows around USD 1,520. A single session does not confirm a breakdown, and a sustained move higher would be needed before the pattern of lower highs is challenged.

Key Levels to Watch

The nearest support zone sits near USD 1,500, followed by the area near USD 1,400. Resistance sits near USD 1,600, followed by the area near USD 1,700. These are approximate levels rather than calculated pivots.

A hold above USD 1,500 would keep the recent range intact, while a break below it would bring USD 1,400 into view. A sustained move through USD 1,600 would be needed before USD 1,700 becomes relevant. Confirmation in later sessions would be required in either case.

Summary

Platinum fell 0.45% to USD 1,518.703 on 28 October 2026 as investment outflows, a forecast surplus and rate worries weighed on the metal. The Fed decision today and 29 October PCE data are next, with support near USD 1,500 and resistance near USD 1,600 framing the near-term range.

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