Platinum is down by 5%

Platinum decreased 5% to 1703.2 USD/t.oz

Platinum futures dropped below $1,700 an ounce, moving back toward six-month lows, pressured by a stronger US dollar after the Federal Reserve signaled growing support for interest rate hikes this year. While the central bank left its policy rate unchanged, nine Fed officials now expect a rate hike by the end of 2026 amid rising inflation concerns. New Fed Chair Kevin Warsh refrained from providing guidance on the next policy move but stressed that inflation has remained above the central bank’s target and reiterated the Fed’s commitment to restoring price stability. Meanwhile, oil prices declined further after an interim US-Iran agreement allowed oil tankers to resume passage through the Strait of Hormuz, helping soften inflation expectations and easing pressure on central banks to tighten policy. The platinum market also remains structurally tight, as output from major producers South Africa and Russia remains constrained by aging mines, high costs, and sanctions-related disruptions.

Platinum increased 5% to 1797.8 USD/t.oz