Platinum prices have surged to their highest levels in more than 11 years, reaching over $1,467 per ounce as of late July 2025. The metal has risen more than 55% year-to-date, with a notable 40% increase in June alone, driven by supply concerns and rising demand, particularly from Asian jewelry markets. Platinum futures surpassed $1,400 per ounce multiple times, marking a break from a 17-year downtrend. Palladium prices have also climbed, reaching $1,277.47 per ounce, the highest close in over two years. Meanwhile, silver prices have surged to their highest point since 2011, supported by concerns over U.S. tariff policies and tightness in the spot market. Gold prices have experienced more volatility; after falling below $3,300 per ounce in early July, gold rebounded to over $3,427 per ounce by late July. The precious metals rally reflects a broader shift in market dynamics amid geopolitical and economic factors, with investors increasingly viewing alternatives to gold.