
Platinum futures slipped to around $1,900 per ounce, hitting a four-week low, as uncertainty over diplomatic progress in the Middle East kept inflation risks and expectations of prolonged high interest rates in focus. Key sticking points remain, including Iran’s demand to retain control over the Strait of Hormuz and its nuclear program, while the US continues to reject sanctions relief and what it views as an unfavorable agreement. Even if negotiations progress, elevated energy prices are likely to keep inflation under pressure and support the case for interest rates remaining higher for longer. Meanwhile, the platinum market remains structurally tight, with the World Platinum Investment Council projecting a fourth consecutive annual supply deficit in 2026. Automotive demand also remains broadly resilient, supported by hybrid vehicle growth and tighter emissions standards, while jewelry consumption weakens under higher prices, particularly in China.
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