Platinum Futures Near Record High

Platinum futures traded below $2,100 an ounce, hovering more than two-week lows, pressured by a broader retreat across precious metals. The decline came as surging energy prices fueled inflation concerns and strengthened the US dollar, reducing the appeal of non-yielding safe-haven metals. Oil surged above $100 per barrel for the first time since 2022 as the US-Israeli war with Iran entered its second week, with attacks on energy infrastructure and shipping disruptions through the Strait of Hormuz tightening global supply. The chokepoint typically handles about a fifth of the world’s oil trade, and recent tanker disruptions have prompted several Middle Eastern producers to curb output. Meanwhile, the platinum market remains structurally tight, with limited mine supply growth and expectations of another global deficit this year, while steady demand from the automotive sector for catalytic converters continues to support longer-term consumption.

Platinum increased 5.06% to 2180.6 USD/t.oz

Platinum futures fell to around $2,100 an ounce, easing from four-week highs, tracking a broader retreat across precious metals. The decline came as the dollar strengthened, reclaiming its traditional safe-haven role amid escalating Middle East tensions. The US military is expected to intensify strikes on Iran, while a top Iranian official warned that vessels attempting to transit the Strait of Hormuz could be targeted, with tanker traffic effectively stalled amid heightened security risks. The escalation drove oil prices sharply higher, intensifying concerns over inflationary pressures. This triggered a sell-off in Treasuries and reduced bets of further Federal Reserve rate cuts. Meanwhile, platinum’s heavy reliance on industrial demand, particularly automotive catalytic converters, makes it more sensitive to slower global manufacturing and weak auto demand. Still, the market remains structurally tight, with ongoing supply constraints from major producers continuing to support prices.