Platinum Hits Three-Week High

Platinum futures climbed toward $2,200 an ounce, hitting a three-week high, as renewed tariff uncertainty and ongoing geopolitical tensions boosted demand for safe-haven metals. President Donald Trump raised global tariffs from 10% to 15% after the US Supreme Court struck down a large portion of his earlier trade measures, prompting concern over trade disruptions. Europe’s trade chief indicated he may suspend ratification of a US deal, and India delayed interim trade talks, though US Trade Representative Jamieson Greer confirmed that existing arrangements with China, the EU, Japan, and South Korea remain intact. Heightened geopolitical risk also supported the rally, with fears of potential US military action against Iran amid stalled nuclear negotiations, even as diplomats plan to reconvene in Geneva later this week. Platinum remained historically high amid ongoing supply tightness, particularly from South Africa, while demand remains underpinned by automotive catalysts.

Platinum futures hovered below $2,100 an ounce, moving in a tight range near two-month lows as a strong US dollar weighed on the market amid thin trading volumes in Asia. The greenback strengthened on robust US economic data and hawkish signals from the Federal Reserve. Minutes from the latest FOMC meeting revealed policymakers were split on the rate outlook, with some signaling further hikes could be warranted if inflation remains elevated. Meanwhile, trading remained subdued due to Lunar New Year closures in major Asian markets, while heightened geopolitical tensions provided support after President Donald Trump warned Tehran to reach a nuclear deal or face consequences, with Iran hinting at possible retaliation. Supply constraints, particularly from South Africa, are also expected to continue, supporting platinum prices, while demand remains underpinned by automotive catalysts.

Platinum increased 5% to 2119.2 USD/t.oz