Platinum climbed above $1,580 per ounce, approaching three-week highs as mounting US economic concerns and expectations of further Federal Reserve rate cuts lifted safe-haven demand for precious metals. Data last week showed US job losses in October, particularly in government and retail sectors, while consumer sentiment fell to a 3½-year low in early November. Traders are pricing in about a 64% chance of a 25-basis-point Fed cut in December, with Fed Governor Stephen Miran advocating a larger half-point reduction amid falling inflation and rising unemployment. Platinum has surged over 70% year-to-date, outperforming gold, supported by tight supply and robust industrial demand. Meanwhile, China approved registration for platinum and palladium futures and options, taking a key step toward launching derivatives trading for the metals used by automakers and other industries.
