Platinum Hits 9-week High

Platinum futures climbed above $1,870 an ounce, hitting an eleven-week high, as a weaker US dollar and renewed demand for precious metals lifted the market. The greenback came under pressure amid concerns over the US fiscal outlook and skepticism about the Treasury’s expanded bond-buyback program, which investors viewed as unlikely to provide a lasting solution to elevated borrowing costs. Lower yields earlier in the week also boosted demand for non-yielding assets, while expectations that the Federal Reserve could keep rates unchanged in September further supported precious metals. Platinum was additionally underpinned by a tight global supply-demand balance, with persistent supply deficits and low inventories limiting available metal. Meanwhile, geopolitical tensions in the Middle East and elevated oil prices continued to fuel inflation and economic uncertainty, encouraging demand for precious metals as a hedge.

Platinum increased to 1798.00 USD/t.oz, the highest since June 2026. Over the past 4 weeks, Platinum gained 12.04%, and in the last 12 months, it increased 34.69%.

Platinum futures rose above $1,800 per ounce, reaching a more than two-month high, as a drop in bond yields from multi-year highs boosted the appeal of non-yielding metals. The US Treasury announced it will increase its buyback operations, pushing borrowing costs lower and boosting demand for non-yielding metals. On the supply side, concerns over power disruptions and maintenance bottlenecks at South African mines continued to underpin prices, with the platinum market expected to remain in deficit. Meanwhile, AI and data-center expansion are emerging as potential new sources of demand, with South Africa’s Valterra Platinum estimating AI-related demand could grow fivefold by 2030. Still, uncertainty over shipments through the Strait of Hormuz kept industrial buyers cautious. Rising hybrid vehicle production has provided near-term support for autocatalyst consumption, although markets remain cautious about the broader shift toward EVs, which rose for a fifth consecutive monthly in July.