Platinum futures slipped below $1,740 an ounce to a two-week low, pressured by rising global bond yields and a stronger US dollar that weighed on the broader precious metals complex. The escalating tensions between the US and Iran continued to drive oil prices higher, intensifying concerns that persistent inflation could push the Federal Reserve to raise interest rates this month. The dollar strengthened as markets now assign roughly a 70% probability to a September rate hike, up from about 40% a week earlier, while the US 10-year Treasury yield climbed to 4.8%, nearing a three-year high.
On the supply side, platinum mine output remains constrained, even as industrial demand is projected to increase 9% this year to 2.24 million ounces, according to the World Platinum Investment Council. Valterra Platinum also pointed to China’s rapidly growing hydrogen-truck industry as a fresh source of demand, noting that global consumption could reach around 6 million ounces if hydrogen-powered trucks achieve a 20% share of the worldwide vehicle fleet.
