The gold-to-platinum spot ratio climbed 1.3% to 2.5264 during Tuesday’s session, as gold extended its three-day advance while platinum faced profit-taking after a multi-week rebound.
The ratio, which measures how many ounces of platinum are required to purchase one ounce of gold, started the day at 2.4936 and peaked at 2.5308. The move reflected gold’s firmness amid growing conviction that the Federal Reserve will hold interest rates steady at its September meeting.
Market participants cited cautious positioning ahead of the release of the latest Federal Open Market Committee meeting minutes and a speech by Fed Chair Kevin Warsh at the Jackson Hole symposium later this week. Gold’s rally has now stretched into a third consecutive session.
Platinum, meanwhile, came under selling pressure as short-term traders closed speculative long positions near key technical resistance levels. Concerns over softening automotive demand and accelerating electric vehicle adoption—both of which reduce demand for platinum-based catalytic converters—also weighed on the metal. The World Platinum Investment Council maintained its forecast of a structural supply deficit for 2026, providing some counterbalance to the downside.
The broader market backdrop saw U.S. equities retreat, with the S&P 500 down 0.6% and the Nasdaq falling 1.3%. The U.S. dollar hovered near multi-month lows against major peers, a backdrop that typically supports gold prices. Economic data released the same day included July industrial production figures.
