Platinum futures hovered below $1,900 an ounce, trading near their weakest level since December 2025, as broader weakness in precious metals persisted amid the escalating Middle East conflict. The war in Iran continued to broaden in the region with no end in sight, pushing the US dollar and bond yields higher. This reduced the appeal of non-yielding assets, while rising inflation risks due to elevated energy prices strengthened expectations of monetary tightening by major central banks. Platinum also remained under pressure from profit-taking, weakening automotive demand, and growing supply. After a strong rally in late 2025 and early 2026, investors are now locking in gains. Automotive demand, the largest industrial use for platinum, is also set to decline further as the shift to electric vehicles reduces reliance on catalytic converters. Although the market remains in deficit, the shortfall is expected to narrow due to increased recycling supply, particularly in Europe.

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