Geopolitical Events - Platinum Timeline
Explore geopolitical events that impacted platinum prices from 1971 to 2024.
Event Type
Russia Invades Ukraine
Russia launched a full-scale invasion of Ukraine, triggering the largest European war since 1945. Western nations imposed severe sanctions on Russia, disrupting global energy and commodity markets. Gold initially spiked to $2,070/oz (matching the COVID high) as fear peaked, but later retreated as the war became protracted. Palladium (where Russia controls 40% of supply) soared 80% in days. Nickel trading was suspended on the LME after prices more than doubled in hours.
Price Movement
$2,070/oz
2 weeks
$3,440/oz (record high)
3 weeks
From $1,015/oz to $1,248/oz
2 weeks
Sources: LME, LBMA, World Platinum Investment Council
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