Platinum futures climbed above $2,300 an ounce, reaching a four-week high, as persistent trade and geopolitical tensions fueled demand for safe-haven metals. Markets remained on edge amid a buildup of US troops in the Middle East, while Washington imposed sanctions on more than 30 entities tied to Iranian oil and arms activities ahead of renewed nuclear talks in Geneva. At the same time, the Trump administration pressed forward with its tariff policy, with US Trade Representative Jamieson Greer signaling that a directive to raise the global tariff rate to 15% could be applied where deemed appropriate.
Platinum prices also continue to be underpinned by a structural supply deficit. Mine production—heavily concentrated in South Africa—has lagged demand for several years, eroding above-ground inventories. Stronger automotive sector demand, ongoing substitution of palladium with platinum in autocatalysts, and revived investment interest, particularly from Asian markets, have provided additional support and momentum.
