Platinum Hits 6-week High

Platinum futures climbed above $1,700 per ounce, reaching their highest level since mid-June as gains across precious metals were supported by diplomatic efforts to ease US-Iran tensions. US Treasury Secretary Scott Bessent said a deal to reopen the Strait of Hormuz could be reached as soon as today or tomorrow, while Qatari Foreign Ministry spokesperson Majed al-Ansari said negotiations remain ongoing, with de-escalation and reopening the vital waterway as the top priorities. The developments prompted markets to lower expectations for a September Fed rate hike, as easing oil prices could reduce inflationary pressures. Investors are now awaiting upcoming US labor market data for further clues on the Fed's policy outlook.

Platinum increased to 1704.00 USD/t.oz, the highest since June 2026. Over the past 4 weeks, Platinum gained 3.24%, and in the last 12 months, it increased 28.91%.

Platinum futures traded around $1,650 an ounce, staying near late-November lows as investors weighed easing geopolitical risks in the Middle East against persistent expectations of higher US interest rates. Despite leaving interest rates unchanged last week, markets continued to price in a Fed rate hike later this year following recent hawkish signals from officials, weighing on non-yielding assets such as platinum. However, diplomatic efforts in the US-Iran conflict and discussions over the potential reopening of the Strait of Hormuz provided support across the precious metals complex. At the same time, the long-term supply outlook remained supportive, with the platinum market still expected to post another annual deficit. South African producer Valterra Platinum also reported a sharp rise in interim profit, citing stronger platinum-group metal prices and growing demand from AI-related infrastructure, which it expects to increase significantly over the coming years.