Platinum Hits 4-week High

Platinum increased to 2136.00 USD/t.oz, the highest since March 2026. Over the past 4 weeks, Platinum gained 1.45%, and in the last 12 months, it increased 119.71%.

Platinum futures trades above $2,100 an ounce, hovering near a four-week high as precious metals broadly advanced on renewed hopes for a diplomatic resolution to the Middle East conflict. The US and Iran signaled willingness to resume negotiations aimed at securing a longer-term ceasefire before the current two-week truce expires. President Donald Trump said Tehran had reached out to Washington shortly after the US imposed a naval blockade on Iranian oil shipments through the Strait of Hormuz. Oil prices retreated on expectations of a potential deal, easing inflationary pressures and tempering hawkish bets across major central banks. Meanwhile, softer industrial demand and improved supply conditions continued to weigh on prices. Automotive demand, the largest industrial use for platinum, is set to decline further as the shift to electric vehicles reduces the need for catalytic converters, while higher recycling flows, particularly in Europe, are expected to narrow the market deficit.

Platinum futures dipped below $2,050 per ounce, retreating from three-week highs, as a stronger US dollar and rising bond yields reduced the appeal of non-yielding assets. The shift came amid escalating inflation concerns after the collapse of US-Iran peace talks, which sent oil prices surging and dimmed expectations for Federal Reserve rate cuts this year. The breakdown in negotiations prompted the US Navy to prepare a blockade of the Strait of Hormuz, threatening to curb Iranian oil exports. In response, Iran’s Revolutionary Guards warned that any military vessels approaching the Strait would be treated as a violation of the ceasefire, with severe consequences. On the monetary policy front, traders now see little chance of a US rate cut in 2026, a stark contrast to pre-war expectations of two Fed rate cuts this year.