Platinum Trades Below $2,100

2026-04-20 06:17 By Joshua Ferrer 1 min. read

Platinum futures traded below $2,100 an ounce, down from a one-month high hit on April 17 amid broader weakness across precious metals.

The decline came after efforts to resume peace talks between the US and Iran stalled and energy flows via the Strait of Hormuz remained choked.

The prolonged conflict has triggered a historic energy supply shock, fueling inflation risks and raising the likelihood that central banks will keep interest rates steady for longer or even hike them, which weighed on precious metals.

Meanwhile, the platinum market remains structurally tight, with output concentrated in South Africa and Russia, making production highly vulnerable to disruption.

In South Africa, aging mines, high power costs, and only gradual gains from new projects like Platreef continue to limit growth, while Russia is expected to see lower output due to sanctions-related constraints.

Recycling has improved but remains insufficient to offset falling mine supply.



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