Platinum Hits 8-week High

Platinum futures rose above $2,100 an ounce, reaching their highest since April 17, despite elevated inflation risks driven by heightened uncertainty in the Middle East and the prolonged disruption of the Strait of Hormuz. Ongoing difficulties in US–Iran diplomacy have heightened fears of prolonged disruption to the key shipping route, while reports indicated that President Trump is set to meet his national security team to discuss possible renewed military operations and measures to escort commercial shipping through Hormuz. This kept energy prices elevated and expectations of further central bank rate hikes, dampening demand for non-yielding assets. 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 continue to limit growth, while Russia faces sanctions-related constraints.

Platinum increased to 2163.00 USD/t.oz, the highest since March 2026. Over the past 4 weeks, Platinum gained 3.82%, and in the last 12 months, it increased 121.4%.

Platinum futures were virtually unchanged at $2,050 per ounce as escalating US-Iran tensions and inflation concerns strengthened expectations of tighter monetary policy. President Trump rejected Iran’s peace proposal as “totally unacceptable,” while reports indicated Tehran was willing to relocate some enriched uranium but not dismantle its nuclear facilities. The Strait of Hormuz remains closed amid stalled diplomacy, keeping energy prices high and reinforcing inflation fears. The outlook for further central bank rate hikes continued to pressure precious metals. Meanwhile, platinum’s market tightness persists, with production concentrated in South Africa and Russia, both vulnerable to disruption. In South Africa, aging mines, high energy costs, and slow progress from new projects constrain growth, while Russian output is expected to decline due to sanctions.