Platinum Hits 4-week Low

Platinum futures held above $1,700 an ounce near a seven-week high, supported by gains across the precious metals complex amid rising optimism over a potential US-Iran deal that could reopen the Strait of Hormuz. Progress in the negotiations prompted markets to scale back expectations for a September Fed rate hike, as lower oil prices could ease inflationary pressures. Investors are now awaiting upcoming US labor market data for further clues on the Fed's policy outlook. Meanwhile, South African producer Valterra Platinum, the world's largest primary platinum miner with roughly 38% of global mined supply, reported a sharp increase in interim profit, driven by stronger platinum-group metal prices. The company also said it expects demand from AI-related infrastructure to grow significantly in the coming years, while broader market fundamentals remained supportive, with the platinum market still projected to post another annual supply deficit.

Platinum futures climbed above $1,700 per ounce, reaching their highest level since mid-June as gains across precious metals were supported by diplomatic efforts to ease US-Iran tensions. US Treasury Secretary Scott Bessent said a deal to reopen the Strait of Hormuz could be reached as soon as today or tomorrow, while Qatari Foreign Ministry spokesperson Majed al-Ansari said negotiations remain ongoing, with de-escalation and reopening the vital waterway as the top priorities. The developments prompted markets to lower expectations for a September Fed rate hike, as easing oil prices could reduce inflationary pressures. Investors are now awaiting upcoming US labor market data for further clues on the Fed's policy outlook.

Platinum increased to 1704.00 USD/t.oz, the highest since June 2026. Over the past 4 weeks, Platinum gained 3.24%, and in the last 12 months, it increased 28.91%.