Economy: Economic growth usually increases demand for platinum, boosting prices; conversely, recessions can lower demand and prices.

Interest Rates: Higher interest rates can strengthen the dollar, making platinum more expensive for foreign buyers and potentially reducing demand.

Supply: Mine production disruptions (strikes, natural disasters) can reduce platinum supply, increasing prices. New mine discoveries can increase supply and lower prices.

Demand: The primary driver of platinum demand is the auto industry (catalytic converters). Changes in auto production or emissions regulations influence demand.

Inflation: Platinum is sometimes seen as an inflation hedge. Rising inflation can increase demand and prices, though this relationship isn't always consistent.

Geopolitical Factors: Political instability in major platinum-producing regions (South Africa, Russia) can disrupt supply and impact prices.

Substitutes: Palladium is sometimes used as a substitute for platinum in catalytic converters. Price differences between the metals can influence substitution, impacting platinum demand.