Platinum futures traded above $1,800 an ounce after rebounding from a two-week low, supported by a weaker US dollar that bolstered demand for precious metals. The advance followed dovish remarks from Federal Reserve Governor Christopher Waller, who said he would favor holding interest rates steady if inflation continues to cool. His comments led investors to scale back expectations for a Fed rate hike this month.
Market participants are now focused on upcoming US employment data for further signals on the Federal Reserve’s policy trajectory. At the same time, renewed conflict in the Gulf and rising oil prices are keeping inflation risks in the spotlight, potentially complicating the Fed’s decision-making.
On the fundamentals side, industrial demand for platinum is forecast 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 market as a potential new driver of demand, estimating that a 20% share for hydrogen-powered trucks in the global fleet could generate an additional 6 million ounces of platinum demand worldwide.
