FX.co ★ Platinum Holds Losses as Dollar Strengthens

Platinum futures are currently hovering around $1,300 per ounce, maintaining their recent declines as the dollar strengthens ahead of significant Federal Reserve events. Market participants are keenly observing the forthcoming release of the Federal Reserve's July meeting minutes, which featured the first policy dissents since 1993. Attention will then shift to Chair Jerome Powell's address at the Jackson Hole symposium, as investors seek indications regarding the future direction of rate cuts. Concurrently, the de-escalation of geopolitical tensions due to Ukraine peace negotiations and diminishing fears of a global trade war have further decreased the demand for precious metals as safe-haven assets. Nonetheless, supply-side challenges continue to provide some support. Disruptions in South Africa's mining industry, caused by factors such as heavy rainfall and shortages of power and water, are anticipated to decrease production in 2025 by approximately 4% compared to the previous year, while sluggish recycling activity contributes to a persistently tight overall supply.