Platinum Pressured Below $1,900

Platinum futures hovered below $1,900 an ounce, trading near their weakest level since December 2025, as broader weakness in precious metals persisted amid the escalating Middle East conflict. The war in Iran continued to broaden in the region with no end in sight, pushing the US dollar and bond yields higher. This reduced the appeal of non-yielding assets, while rising inflation risks due to elevated energy prices strengthened expectations of monetary tightening by major central banks. Platinum also remained under pressure from profit-taking, weakening automotive demand, and growing supply. After a strong rally in late 2025 and early 2026, investors are now locking in gains. Automotive demand, the largest industrial use for platinum, is also set to decline further as the shift to electric vehicles reduces reliance on catalytic converters. Although the market remains in deficit, the shortfall is expected to narrow due to increased recycling supply, particularly in Europe.

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.