Platinum holds near $1,700/oz on Tuesday, about 42% below its January 2026 record, as the market continues to weigh a surplus forecast from the World Platinum Investment Council. Commitments of Traders data released this week show unusually large positioning shifts in both platinum and palladium, and India's GST Council is due to consider a tax change affecting institutional platinum, gold and silver imports.
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Platinum trades near $1,700, still about 42% below January's record#
Platinum traded at $1,700.29/oz as of 08:23 GMT on 6 October 2026, according to FXEmpire, down slightly on the day. That level is roughly 42% below the metal's all-time high of $2,923/oz, set on 26 January 2026 according to the World Platinum Investment Council. The drawdown follows a reversal in WPIC's supply-demand outlook: its Platinum Quarterly published 9 September 2026 moved the council's full-year 2026 forecast to a 265,000-ounce surplus, down from the 297,000-ounce deficit it had projected in the Q1 2026 edition published in May, while it also revised the 2025 deficit to more than 1 million ounces. A separate market analysis published by broker XTB linked the shift mainly to exchange-traded-fund investors reducing their holdings rather than any change in mine supply. DailyPlatinum's platinum price page and price history page track the metal's move since the January peak, and the PGM market page covers the supply-demand balance behind the swing.
Platinum and palladium post unusually large futures positioning shifts#
Platinum's commercial traders changed their net futures positioning by 26% this week, a move Kitco's Report 40 weekly Commitments of Traders analysis described as well above the typical weekly swing, with supporting indicators pointing toward near-term price strength. Palladium's commercial positioning moved by 20% over the same week, with the five-year chart now showing a bullish extreme after a bearish extreme earlier in 2026. Kitco cautioned that such extremes do not guarantee an immediate price turn, and that downside pressure could persist even as short-term positioning looks supportive. The same report noted that the euro has reached one of its most stretched positioning readings in several years, a dynamic relevant to traders in dollar-priced commodities including platinum and palladium. Track daily price action on DailyPlatinum's platinum price chart and palladium price chart.
India's GST Council to weigh tax change on bank platinum imports#
India's GST Council is now scheduled to meet on 8 October 2026, a Thursday, after being rescheduled, according to BusinessToday. Among the items reportedly on the agenda is a proposal to withdraw the Integrated GST exemption that banks and government-nominated agencies have held since 2017 on imports of gold, silver and platinum, according to Whalesbook. Those imports currently carry a 3 percent IGST that other bullion importers already pay, a tax banks and nominated agencies have been exempt from under the 2017 rule, HDFC Sky reported. The proposal follows a May 2026 increase in platinum's import duty to 15.4 percent from 6.4 percent, intended to curb non-essential imports, according to the same report. If the exemption is withdrawn, importing banks would need to pay the tax upfront, which Whalesbook said could add to working-capital costs for institutional importers in one of platinum's largest consumer markets. DailyPlatinum's platinum price in India page tracks the rupee-denominated price that any change in import costs would affect.
Prices and market context#
Platinum traded at $1,700.29/oz as of 08:23 GMT on 6 October 2026, according to FXEmpire, with support identified near $1,653.92 and resistance near $1,721.80 based on the prior session's levels. A separately tracked contract-for-difference series reported by Trading Economics showed platinum at $1,718/t.oz on 6 October 2026. Palladium traded at $1,185.75/oz as of 3:43 a.m. EDT on 6 October 2026, down $10.30 on the day, according to JM Bullion.
FXEmpire's Tuesday forecast noted that a strong US dollar and inflation concerns continue to weigh on platinum, while reduced expectations for an October rate hike offer some support; the firm's technical view placed $1,900 as the key barrier for a more durable recovery. The underlying supply picture has not changed this week: South Africa remains the dominant source of primary platinum, and the metal's run of annual deficits through 2025 had drawn down above-ground inventories before WPIC's forecast reversal to a 2026 surplus. Compare today's level against the historical range on DailyPlatinum's platinum price chart, or track platinum-backed funds via the PPLT ETF page and platinum ETF comparison page.
What to watch#
- 8 October 2026: India's GST Council meeting, where a proposal to remove the IGST exemption on bank and nominated-agency imports of platinum, gold and silver is reportedly on the agenda.
- Ongoing: US dollar strength and shifting Federal Reserve rate-cut expectations, which FXEmpire flagged as the main near-term driver of whether platinum can clear $1,900.
- Ongoing: Follow-through on this week's large Commitments of Traders positioning shifts in platinum and palladium, which Kitco said support near-term strength without yet signaling a structural trend change.
- Next release to watch: WPIC's following Platinum Quarterly update, which will show whether the 265,000-ounce 2026 surplus forecast set in the 9 September 2026 edition is revised.