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Platinum futures hovered around $1,630 an ounce, pressured near late-November lows as softer industrial demand and inflationary risks stemming from the Middle East war weighed on the market. The conflict has kept energy prices elevated, fueling inflationary pressures and reinforcing expectations that interest rates will remain higher for longer, reducing the appeal of non-yielding assets such as platinum. Although the US Federal Reserve left interest rates unchanged, Chairman Kevin Warsh warned that higher interest rates could become an appropriate policy response if inflation remains elevated. The platinum market was also weighed down by expectations for softer industrial and automotive demand despite the tight supply outlook. The ongoing shift toward electric vehicles, which do not require autocatalysts, has clouded demand prospects even as the market is forecast to post a fourth straight annual supply deficit due to constrained mine supply and declining above-ground inventories.
