Platinum futures rose above $2,000 an ounce, reaching a three-week high as precious metals rallied broadly after US President Trump announced a two-week ceasefire with Iran aimed at reviving negotiations. The decision came less than two hours before a deadline that would have triggered intensified strikes against Iran, with Trump instead unveiling a “double-sided ceasefire” tied to Iran’s agreement to reopen the Strait of Hormuz.
The announcement boosted sentiment across the metals complex, as expectations grew that reduced risks of energy supply disruptions could ease inflationary pressures and underpin demand for non-yielding assets such as platinum.
At the same time, softer industrial demand and improving supply conditions continued to cap gains. Automotive demand—platinum’s largest industrial use—is expected to weaken further as the transition to electric vehicles diminishes the need for catalytic converters. In addition, higher recycling volumes, particularly in Europe, are projected to narrow the market deficit.
