Platinum Pulls Back from Mid-October High

2025-11-03 16:14 By Dongting Liu 1 min. read

Platinum traded around $1,550 per ounce, retreating from its mid-October peak of $1,722, as safe-haven demand eased after the US-China trade agreement and amid a hawkish tilt from the Federal Reserve.

Under the trade deal, China and the US agreed to temporarily reduce certain tariffs from 20% to 10%, offering partial support to China’s manufacturing sector, despite the country’s October PMI slipping to 50.6, below expectations.

Meanwhile, Fed Chair Jerome Powell indicated that last week’s rate cut could be the final one of the year, citing limited economic data amid the ongoing US government shutdown.

Despite the recent pullback, platinum is up nearly 60% year-to-date, outperforming gold and silver, supported by tight supply and strong industrial demand.

Traders are eyeing a potential platinum futures launch in China to boost liquidity, while the US Section 232 investigation into critical mineral imports poses further tariff-related risks.



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