(MENAFN- Yolo Wire) Analysts at Swiss bank UBS (NYSE: $UBS) have raised their price forecast for %Platinum by $150 U.S. to $1,350 U.S. per ounce, citing lower inventories and market tightness as catalysts for the metal.

The platinum market was largely flat in this year's third quarter following a significant drop in the first half of 2024.

However, UBS sees brighter days ahead for the metal, forecasting that platinum prices will rise in coming months due largely to concerns about potential U.S. tariffs on imports.

There are also growing signs of market tightness in London and Zurich, two critical platinum trading hubs.

Supply constraints should move platinum prices higher and support increased levels moving forward, says UBS.

The bank adds that uncertainty surrounding potential tariffs on platinum should continue to support both U.S. imports and prices until authorities announce a final determination.

The revised price target of $1,350 U.S. per ounce represents a $150 U.S. increase from UBS' previous forecast, with the adjustment applying across all time horizons in the bank's analysis.

The stock of UBS has increased 35% this year to trade at $41 U.S. per share in New York.

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