Platinum futures climbed above $2,000 an ounce, hitting a three-week high as precious metals broadly advanced after US President Trump announced a two-week ceasefire with Iran aimed at reviving negotiations. The decision came less than two hours before a deadline that would have triggered intensified strikes against Iran, with Trump instead announcing a “double-sided ceasefire” linked to Iran’s agreement to reopen the Strait of Hormuz.

The move lifted sentiment across the metals complex, with expectations that reduced energy disruption risks could ease inflation pressures and support demand for non-yielding assets like platinum. Meanwhile, softer industrial demand and improved supply conditions continued to weigh on prices. Automotive demand, the largest industrial use for platinum, is set to decline further as the shift to electric vehicles reduces the need for catalytic converters, while higher recycling flows, particularly in Europe, are expected to narrow the market deficit.

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