Platinum futures fell below $1,650 an ounce, their lowest level since November 2025, as a stronger US dollar overshadowed progress in US-Iran talks that had eased some inflation concerns. The greenback stayed firm as markets continued to expect the Federal Reserve to raise the federal funds rate this year, following last week’s hawkish remarks by new Chair Kevin Warsh and upward revisions to inflation forecasts. A stronger dollar typically pressures non-yielding assets by making them more expensive for foreign buyers.
At the same time, early signs of progress in ongoing US-Iran peace negotiations helped temper inflation worries and reduced pressure on central banks to tighten policy. Both sides recently agreed to a 60-day roadmap toward a final agreement, and Washington has now granted Tehran a license to sell oil on international markets, boosting expectations of a faster recovery in global supply. Increased shipping activity through the Strait of Hormuz has also contributed to lower oil prices.
