Platinum futures fell around $1,660 an ounce, hitting a seven-month low as uncertainty over US–Iran peace negotiations kept inflation risks elevated. The high-level talks had a shaky start, but ended with signs of progress after the US and Iran agreed on a 60-day roadmap toward a final deal. However, doubts over the viability of the agreement persisted as both sides recently exchanged threats over the conflict in Lebanon, with Tehran claiming it had once again closed the Strait of Hormuz. Additionally, platinum was weighed down by a stronger US dollar after the Federal Reserve left interest rates unchanged last week and adopted a more hawkish tone. Nine Fed officials now expect at least one rate increase this year, with markets pricing in a potential hike as soon as September. The platinum market also remains structurally tight, as output from major producers South Africa and Russia remains constrained by aging mines, high costs, and sanctions-related disruptions.

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