Platinum futures fell to below $1,650 an ounce, hitting the lowest level since November 2025, as a stronger US dollar outweighed progress in US-Iran talks that helped ease inflation concerns. The greenback remained firm as markets continue to anticipate that the Federal Reserve will raise the fed funds rate this year after a hawkish tone from new Chair Kevin Warsh last week and upward revisions to inflation forecasts. A stronger dollar typically weighs on non-yielding assets by making it more expensive for foreign buyers. Meanwhile, early signs of progress in ongoing US-Iran peace negotiations helped soften inflation concerns and ease pressure on central banks to tighten policy. Both sides recently agreed on a 60-day roadmap toward a final deal, and now Washington has issued Tehran a license to sell oil on international markets, fueling expectations of a faster recovery in global supply. Shipping activity through the Strait of Hormuz has also increased, pushing oil prices lower.

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