Platinum futures rose toward $2,200 an ounce, reaching their highest level since March 12, as the metal continued to outperform broader precious metals despite a weaker tone across the complex. The move reflects ongoing divergence to platinum’s industrial supply-demand dynamics, as persistent concerns over constrained South African mine output and structurally tight global inventories have kept the market in a supply deficit. At the same time, investors appear to be rotating into platinum on a relative-value basis, with the metal still trading at a historically wide discount to gold. Industrial demand expectations, especially from autocatalyst use and hybrid vehicle demand, are also providing underlying support, reinforcing platinum’s hybrid role as both a precious and industrial metal. The rally comes even as other precious metals struggle from elevated inflation risks driven by heightened uncertainty in the Middle East and the prolonged disruption of the Strait of Hormuz.

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