A note released by UBS suggests that rising gold prices and a drop in jewelry demand could lead to an increase in demand for platinum jewelry in China. Chinese jewelry fabricators have already begun increasing their platinum inventories due to the higher price of gold. However, overall demand for precious metal jewelry, including platinum, is falling in China. China previously dominated global platinum jewelry consumption, but its consumption has dramatically declined in recent years. Despite a recent increase in platinum prices, the long-term outlook for platinum remains challenging amid declining demand for precious metals in key markets like China.