Platinum is down by 5%

Platinum futures rose above $1,620 an ounce but remained near a three-month low, as safe-haven demand offered some support amid expectations of higher-for-longer interest rates. Signs of persistent inflationary pressures strenghened the case for the Fed to keep rates elevated for longer, raising concerns over capital-intensive sectors, namely the AI buildout, and supporting demand as investors seek shelter. Meanwhile, global EV sales fell 2% in September, ending six consecutive months of growth, according to Benchmark Mineral Intelligence data. Slower EV adoption could support platinum demand by easing the shift away from combustion-engine vehicles, although resilient hybrid sales have helped cushion the decline. Over the longer term, however, higher rates could exert greater downward pressure in demand for the metal that carries no yield. Additionally, the WPIC sees total demand falling 18%, including a 32% drop in Chinese jewelry demand and a 4% decline in automotive demand.

Platinum futures traded below $1,630 an ounce, approaching its lowest level in three months amid persistent investment outflows and a bearish long-term outlook. Strong US inflation strenghened the case for the Fed to keep borrowing costs elevated for longer, raising concerns over capital-intensive sectors, namely the AI buildout, and providing some support as investors seek shelter. Over the longer term, however, higher rates could exert greater downward pressure in demand for the metal that carries no yield. Additionally, the WPIC sees total demand falling 18%, including a 32% drop in Chinese jewelry demand and a 4% decline in automotive demand, although resilient demand for hybrids has helped moderate the decline. Despite this, the drop in demand continues to underpin a bearish outlook for the metal as it outpaces the contraction in supply, with elevated operating costs and power grid instability in South Africa, alongside ongoing trade risks in Russia, constraining production.

Platinum decreased to 1619.00 USD/t.oz, the lowest since August 2026. Over the past 4 weeks, Platinum lost 8.65%, and in the last 12 months, it decreased 2.77%.