
Platinum futures rose above $1,660 an ounce, touching a six-week high as precious metals broadly advanced after oil prices retreated amid renewed hopes of a peace deal in the Middle East. US President Donald Trump said peace talks with Iran will resume after key Middle Eastern allies urged a diplomatic solution and the reopening of the Strait of Hormuz. Meanwhile, markets continued to price in a Federal Reserve rate hike later this year despite policymakers leaving interest rates unchanged last week, as several officials warned that waiting too long could require more aggressive tightening. 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.





