Platinum Price Forecast: China Car Sales Slump Clouds $1,900 Target
By Muhammad Umair | Updated: Oct 13, 2026
Key Points
- US inflation data could significantly influence platinum's price movements.
- Declining car sales in China raise concerns regarding the demand for platinum.
- A price breakout above $1,770 could pave the way for platinum to reach $1,900.
Current Market Overview
As of October 21, 2026, platinum is trading at $1,616.43, reflecting a decrease of 1.39%. The recent recovery towards $1,700 per ounce has been attributed to a weakening US dollar and declining US Treasury yields. However, the upcoming US inflation data is anticipated to play a crucial role in determining the future trajectory of platinum prices, particularly in relation to expectations for a potential rate hike in December.
Demand Concerns
The slump in car sales in China, a major consumer of platinum for automotive catalytic converters, raises significant concerns about future demand. Additionally, the ongoing transition towards battery-powered vehicles further complicates the outlook for platinum, which is traditionally used in internal combustion engines.
Technical Analysis
Currently, platinum is trading below the critical resistance level of $1,770. Analysts suggest that a breakout above this level could indicate a stronger performance against gold and support a move towards the $1,900 target. The technical indicators from the October 20 session show:
- Support Level (S1): $1,619.19
- Pivot Level: $1,634.86
- Resistance Level (R1): $1,654.97