Platinum futures hovered near three-week lows at around $1,950 an ounce as heightened tensions in the Middle East kept inflation risks elevated. While negotiations continued, US forces carried out strikes in southern Iran, describing them as defensive actions, which further dampened hopes for a peace agreement. The renewed geopolitical risk drove oil prices higher, stoking inflation concerns and strengthening expectations that central banks may keep monetary policy tighter for longer.
At the same time, platinum remains underpinned by a favorable supply–demand backdrop. Robust demand from China—bolstered in part by the launch of a new domestic platinum futures contract—has supported renewed investor interest in the metal. The market also remains structurally tight: production in major suppliers South Africa and Russia is constrained by aging mines, elevated operating costs, and sanctions-related disruptions. Expectations for solid industrial demand, particularly from the automotive sector, are providing additional support for prices.
