Platinum is down by 5%

Platinum decreased 5% to 1829.6 USD/t.oz

Platinum futures rose above $1,900 an ounce, attempting to rebound from a three-month low as precious metals broadly advanced on hopes of a Middle East ceasefire. Reports indicate the US is advancing negotiations with Iran, including proposals aimed at ending the conflict. The move encouraged a shift back into safe-haven assets as dollar strength faded, while easing oil prices helped temper inflation concerns and reduce pressure for tighter monetary policy from major central banks. Meanwhile, softer industrial demand and improved supply conditions continued to weigh on prices. Investment demand is expected to drop by up to 52% partly due to weak retail interest, particularly in China. Automotive demand, the largest industrial use for platinum, is also set to decline further as the shift to electric vehicles reduces the need for catalytic converters. Though the market remains in deficit, the shortfall is expected to narrow due to increased recycling supply, particularly in Europe.

Platinum increased 5.01% to 1987.4 USD/t.oz