Platinum futures fell to $1,950 per ounce, the lowest level since early April, as part of a broad sell-off in precious metals. The decline came after the United States and Iran failed to achieve a breakthrough in negotiations, disrupting energy supplies and stoking inflation concerns.
According to reports, Tehran proposed reopening the Strait of Hormuz in exchange for delaying nuclear talks, an offer Washington is seen as unlikely to accept. US President Trump has instead threatened to resume strikes on Iran, adding to geopolitical uncertainty.
Investors are also closely watching upcoming central bank decisions. Elevated energy prices have intensified worries about inflation and strengthened expectations that monetary policy may remain tight for longer or even be further tightened. This backdrop has weighed on demand for non-yielding assets such as bullion.
Despite the recent price decline, the platinum market remains structurally tight. Output in South Africa and Russia—the world’s two largest producers—continues to face persistent headwinds, including aging mines, elevated production costs, and the impact of sanctions.
