Platinum futures hovered around $1,630 an ounce, trading sideways near their lowest level since November 2025, pressured by a stronger US dollar that continued to weigh on precious metals. However, losses were limited after signs of a cooling US labor market reduced expectations of an imminent Federal Reserve rate hike. June payrolls showed a marked slowdown in job growth, while downward revisions to the previous two months reinforced expectations that the Fed may delay further tightening. Investors now await the Fed’s meeting minutes, with markets pricing just over a 50% chance of a September rate hike. Meanwhile, lower oil prices, driven by recovering flows through the Strait of Hormuz and prospects of higher OPEC+ supply, also eased inflation concerns. On the supply side, South African mine output remained constrained by power disruptions, while Russia’s mine expansion has yet to significantly ease the market’s structural supply deficit and tight above-ground inventories.

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