Platinum Pressured Near Multi-Month Lows

2026-07-08 02:20 By Joshua Ferrer 1 min. read

Platinum futures held below $1,650 an ounce, staying near their lowest since November 2025 as precious metals broadly weakened amid renewed US-Iran tensions.

The US launched a fresh wave of strikes against Iran and revoked a license allowing the country to sell oil following recent attacks on ships transiting the Strait of Hormuz.

The renewed escalation threatened the interim US-Iran peace deal, drove oil prices higher, and raised concerns that persistent inflation could keep interest rates elevated, weighing on non-yielding assets.

However, downside pressure was limited by expectations of a fourth consecutive annual platinum market 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.



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Platinum Pressured Near Multi-Month Lows
Platinum futures held below $1,650 an ounce, staying near their lowest since November 2025 as precious metals broadly weakened amid renewed US-Iran tensions. The US launched a fresh wave of strikes against Iran and revoked a license allowing the country to sell oil following recent attacks on ships transiting the Strait of Hormuz. The renewed escalation threatened the interim US-Iran peace deal, drove oil prices higher, and raised concerns that persistent inflation could keep interest rates elevated, weighing on non-yielding assets. However, downside pressure was limited by expectations of a fourth consecutive annual platinum market 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.
2026-07-08
Platinum Sideways Near Multi-Month Lows
Platinum futures rose above $1,660 an ounce, trading sideways near their lowest level since November 2025, pressured by a stronger US dollar that continued to weigh on precious metals. However, losses were limited after signs of a cooling US labor market reduced expectations of an imminent Federal Reserve rate hike. June payrolls showed a marked slowdown in job growth, while downward revisions to the previous two months reinforced expectations that the Fed may delay further tightening. Investors now await the Fed's meeting minutes, with markets pricing just over a 50% chance of a September rate hike. Meanwhile, lower oil prices, driven by recovering flows through the Strait of Hormuz and prospects of higher OPEC+ supply, also eased inflation concerns. On the supply side, South African mine output remained constrained by power disruptions, while Russia's mine expansion has yet to significantly ease the market's structural supply deficit and tight above-ground inventories.
2026-07-07
Platinum Futures Climb off 7-Month Low
Platinum futures rose to around $1,660 an ounce, moving away from the seven-month low reached on June 30, as a weaker US dollar outweighed easing geopolitical uncertainty. Oil prices continued to decline as tanker traffic normalized amid ongoing peace talks, although uncertainty over a lasting agreement persisted. Meanwhile, softer-than-expected US payrolls data and last week's inflation reading reduced expectations of further rate hikes from the Federal Reserve this year, weighing on the dollar and boosting the appeal of dollar-denominated metals. On the supply side, South Africa's platinum output remained constrained after criminal activity disrupted power supplies to major mining operations. In contrast, Russia's Nornickel has begun expanding its mines, aiming to extend production through at least 2048.
2026-07-02