Platinum Hits Fresh 2-Month Peak

2026-08-13 00:44 By Joshua Ferrer 1 min. read

Platinum futures rose above $1,770 an ounce, reaching a fresh eight-week high and tracking broader strength across precious metals after a subdued US inflation report.

US consumer inflation slowed for a second consecutive month to 3.4% in July, while rising just 0.1% from the previous month.

The data reduced expectations of tighter Fed policy at its September meeting, supporting non-yielding assets such as platinum.

Lower oil prices added support as markets weighed the prospects of a deal to reopen the Strait of Hormuz, potentially easing energy supply and inflation concerns.

Meanwhile, AI and data-center expansion are emerging as potential new sources of platinum-group metals demand.

Valterra Platinum estimates AI-related PGM demand at 200,000–400,000 ounces annually and sees it potentially growing fivefold by 2030.

Still, the platinum market is expected to remain in deficit due to constrained mine output, particularly in South Africa, although higher prices could encourage recycling.



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