Platinum futures traded above $1,700 an ounce, hovering near a seven-week high, supported by broad gains across the precious metals complex amid growing optimism over a potential US–Iran agreement that could reopen the Strait of Hormuz. Signs of progress in the talks have led markets to pare back expectations of a Federal Reserve rate hike in September, as the prospect of lower oil prices could help ease inflationary pressures. Investors are now focused on upcoming US labor market data for further guidance on the Fed’s policy path.
At the same time, South African producer Valterra Platinum — the world’s largest primary platinum miner, accounting for roughly 38% of global mined supply — reported a sharp rise in interim profit, boosted by stronger prices for platinum-group metals. The company also indicated that it expects demand tied to AI-related infrastructure to grow substantially in the coming years, while broader market fundamentals remain supportive, with the platinum market still forecast to record another annual supply deficit.
