Platinum has surged over 40% year-to-date as investors and jewelers grow wary of gold’s elevated levels. Chinese jewelers in particular are pivoting toward platinum, with imports rising sharply after gold jewelry sales plunged nearly 27% in Q1. Still, analysts caution that part of the rally may be speculative and vulnerable to pullbacks if demand slips or supply tightens ease. The fundamentals, however, point to sustained upside under deficits.