Platinum Hits 4-week High

Platinum decreased 5% to 1579.8 USD/t.oz

Platinum decreased 5.04% to 1579.2 USD/t.oz

Platinum futures traded around $1,630 an ounce, near their lowest since November 2025, pressured by broader weakness across precious metals amid uncertainty in US-Iran developments. The US carried out strikes against Iran in response to recent attacks on vessels in Hormuz earlier in the week, prompting retaliatory strikes by Tehran on US bases across the region. The escalation drove oil prices higher, and raised concerns that persistent inflation could keep interest rates elevated. However, both countries are now set to resume peace talks. Meanwhile, the platinum market remained structurally tight, set for a fourth consecutive annual deficit, as South African mine output remains constrained and recycled supply stays subdued. The World Platinum Investment Council also projects above-ground stocks to fall to just 2.3 million ounces, less than three months of global demand, while strong investment demand and continued substitution for palladium in autocatalysts provide additional support.