Platinum futures rose nearly 2% to above $1,950 an ounce, attempting to rebound from a three-week low as signs of progress in US-Iran negotiations eased concerns about inflation and further interest rate hikes. Reports indicated that the proposed deal could reopen the Strait of Hormuz, raising hopes that energy supply disruptions may ease. However, President Donald Trump said the US would keep its blockade of the key waterway in place until a formal agreement is finalized. Meanwhile, platinum continued to draw support from its favorable supply-demand outlook. Strong demand from China, particularly following the launch of a new domestic platinum futures contract, has reinforced investor interest in the metal. The market also remains structurally tight, with output in major suppliers South Africa and Russia constrained by aging mines, high operating costs, and sanctions-related challenges. Expectations of solid industrial demand from the automotive sector, further added support.

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