Platinum Extends Losses to 7-Month Low

2026-06-30 03:48 By Joshua Ferrer 1 min. read

Platinum futures fell further below $1,580 an ounce, hitting a fresh seven-month low and heading for steep second straight monthly and quarterly losses as Middle East uncertainties and wagers of US interest rate hikes dampened demand.

Precious metals have broadly weakened since the Federal Reserve adopted a more hawkish stance this month, prompting markets to price in three rate hikes this year, with the first potentially coming as early as September.

This makes the dollar stronger, making dollar-denominated commodities more expensive for buyers of other currencies.

Meanwhile, persistent concerns that disruptions to energy flows through the Strait of Hormuz could fuel global inflation have reinforced expectations that interest rates will stay higher for longer, weighing on non-yielding metals.

While US and Iran are scheduled to resume peace talks, a major sticking point remains after Tehran reiterated its plan to oversee traffic through the Gulf even if Oman decides not to take part.



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Platinum Extends Losses to 7-Month Low
Platinum futures fell further below $1,580 an ounce, hitting a fresh seven-month low and heading for steep second straight monthly and quarterly losses as Middle East uncertainties and wagers of US interest rate hikes dampened demand. Precious metals have broadly weakened since the Federal Reserve adopted a more hawkish stance this month, prompting markets to price in three rate hikes this year, with the first potentially coming as early as September. This makes the dollar stronger, making dollar-denominated commodities more expensive for buyers of other currencies. Meanwhile, persistent concerns that disruptions to energy flows through the Strait of Hormuz could fuel global inflation have reinforced expectations that interest rates will stay higher for longer, weighing on non-yielding metals. While US and Iran are scheduled to resume peace talks, a major sticking point remains after Tehran reiterated its plan to oversee traffic through the Gulf even if Oman decides not to take part.
2026-06-30
Platinum Trades Near 7-Month Lows
Platinum futures traded around $1,600 an ounce, hovering near their lowest level since November 2025 as precious metals broadly weakened after renewed clashes in the Middle East reignited inflation concerns. Although the US and Iran agreed to pause further attacks after recent exchange of strikes around the Strait of Hormuz, oil prices climbed as the latest escalation disrupted the recovery in oil shipments through the key waterway that had followed an earlier interim deal. The US dollar also remained broadly stronger, making dollar-denominated commodities such as platinum more expensive for buyers of other currencies. Markets continue to anticipate that the Federal Reserve will raise rates this year after a hawkish tone from new Chair Kevin Warsh and upward revisions to inflation forecasts. Meanwhile, the platinum market remains structurally tight as output from major producers South Africa and Russia remains constrained by aging mines, high costs, and sanctions-related disruptions.
2026-06-29
Platinum is down by 6.55%
Platinum decreased 6.55% to 1553.2 USD/t.oz
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