Platinum Hits Over 17-Year High

Platinum futures fell below $2,100 an ounce, retreating after a recent rebound, tracking a broader precious metals sell-off amid a rising US dollar. The move followed hawkish signals from the Federal Reserve, with Governor Lisa Cook indicating she would not support additional rate cuts, while President Trump’s nomination of Kevin Warsh as the next Fed chair, seen as less inclined toward aggressive easing, reinforced expectations of a slower pace of US rate reductions. Geopolitical tensions are also in focus after the US and Iran scheduled a fresh round of talks. In addition, near-term demand showed signs of softening, as elevated prices risked reducing autocatalyst purchases and encouraging substitution toward palladium. Meanwhile, downside is partially limited by tight supply fundamentals: platinum markets remain structurally undersupplied, with South African production, accounting for roughly 70% of global output, constrained by chronic underinvestment and operational disruptions.

Platinum climbed back above $2,200 per ounce as investors bought the metal following a recent slump that pushed prices below $2,000 for the first time since December. The sharp moves came after profit-taking following last week’s record-high rally and was intensified by US President Donald Trump’s nomination of Kevin Warsh as the next Fed chair, a pick widely seen as more hawkish than other contenders. Meanwhile, near-term demand showed signs of softening, as elevated prices risked reducing autocatalyst purchases and encouraging substitution toward palladium. However, downside is partially limited by tight supply fundamentals: platinum markets remain structurally undersupplied, with South African production, accounting for roughly 70% of global output, constrained by chronic underinvestment and operational disruptions.

Platinum decreased 5.02% to 2015 USD/t.oz