Platinum futures hovered around $1,730 per ounce after touching a two-month high, as traders weighed the demand outlook. Stronger hybrid vehicle production has recently supported autocatalyst use, though market participants remain wary of the broader transition to electric vehicles, which posted a fifth straight month of growth in July. At the same time, uncertainty around shipments through the Strait of Hormuz has kept industrial buyers on edge.
On the supply side, persistent concerns over power disruptions and maintenance-related constraints at South African mines continued to support prices, with the platinum market still expected to run a deficit. Additional backing for prices came from plans by the world’s largest jewelry retailer to substitute some sterling-silver items with platinum-plated pieces. In parallel, AI and data-center expansion are emerging as potential new demand drivers, with South Africa’s Valterra Platinum projecting that AI-related consumption could increase fivefold by 2030.
