Platinum Rises to 6-Week High

2026-08-03 02:29 By Joshua Ferrer 1 min. read

Platinum futures traded near $1,630 an ounce, after touching a six-week high of $1,660 as precious metals broadly advanced amid renewed hopes of a peace deal in the Middle East.

US President Trump said talks with Iran will resume and revealed he had called off a planned large-scale attack following requests from regional allies.

Additional support came from a weaker dollar after Japan intervened to support the yen, making dollar-priced metals more attractive to overseas buyers.

Meanwhile, markets continued to price in a Federal Reserve rate hike later this year despite policymakers leaving interest rates unchanged last week, as several officials warned that waiting too long could require more aggressive tightening.

Platinum's gains were also tempered by expectations of weaker industrial and automotive demand, particularly as the shift toward electric vehicles reduces the need for autocatalysts, even though the market is expected to post a fourth consecutive annual supply deficit.



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