
Platinum futures fell further below $1,600 an ounce, moving near late-November lows as escalating attacks in the Middle East kept inflation concerns in focus. Hostilities between the US and Iran have expanded beyond military targets to critical infrastructure, while Tehran declared its ceasefire with the US had effectively collapsed. Shipping through the Strait of Hormuz has largely come to a halt, driving oil prices sharply higher and raising the risk that central banks may tighten policy to contain inflation. Meanwhile, softer-than-expected US consumer and producer inflation data prompted markets to scale back expectations of a near-term Fed Reserve rate hike, offering some support to non-yielding assets such as platinum. The metal also remained underpinned by a tight supply outlook, with the World Platinum Investment Council continuing to forecast a fourth consecutive market deficit in 2026 as demand outpaces supply and above-ground inventories remain near historically low levels.





