Platinum Pressured Near November Lows

2026-07-14 01:58 By Joshua Ferrer 1 min. read

Platinum futures traded around $1,600 an ounce, hovering near late-November levels, pressured by broad weakness across precious metals as escalating tensions over the Strait of Hormuz revived inflation concerns.

US President Donald Trump reinstated a blockade on Iranian vessels transiting the Strait of Hormuz and called on countries benefiting from US efforts to secure the vital shipping route to share the costs, pushing oil prices sharply higher.

The move followed renewed hostilities between Washington and Tehran, with the US targeting Iran's maritime capabilities while Tehran retaliated against US allies in the region.

Despite the decline, platinum's fundamentals remained supportive, with the market on track for a fourth straight annual deficit due to constrained South African mine output and weak recycled supply.

The World Platinum Investment Council expects above-ground stocks to fall to just 2.3 million ounces, equivalent to less than three months of global demand.



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Platinum Pressured Near November Lows
Platinum futures traded around $1,600 an ounce, hovering near late-November levels, pressured by broad weakness across precious metals as escalating tensions over the Strait of Hormuz revived inflation concerns. US President Donald Trump reinstated a blockade on Iranian vessels transiting the Strait of Hormuz and called on countries benefiting from US efforts to secure the vital shipping route to share the costs, pushing oil prices sharply higher. The move followed renewed hostilities between Washington and Tehran, with the US targeting Iran's maritime capabilities while Tehran retaliated against US allies in the region. Despite the decline, platinum's fundamentals remained supportive, with the market on track for a fourth straight annual deficit due to constrained South African mine output and weak recycled supply. The World Platinum Investment Council expects above-ground stocks to fall to just 2.3 million ounces, equivalent to less than three months of global demand.
2026-07-14
Platinum Trades Near November Levels
Platinum futures fell below $1,630 an ounce, hovering near late-November levels, as heightened geopolitical tensions weighed. Ongoing US-Iran hostilities and uncertainty surrounding the Strait of Hormuz lifted oil prices, amid conflicting claims over whether the waterway remained open. Higher energy costs renewed inflation concerns, reinforcing expectations of a rate hike by the Federal Reserve by year-end and weighing on non-yielding assets such as platinum. Meanwhile, the platinum market remained structurally tight and on track for a fourth consecutive annual deficit, as constrained South African mine output and subdued recycled supply continued to limit availability. The World Platinum Investment Council expects above-ground stocks to fall to 2.3 million ounces, less than three months of global demand, while robust investment demand and continued substitution of platinum for palladium in autocatalysts provided support.
2026-07-13
Platinum is down by 5%
Platinum decreased 5% to 1579.8 USD/t.oz
2026-07-08