
Platinum futures traded around $1,600 an ounce, hovering near their lowest level since November 2025, as a stronger US dollar outweighed easing inflation concerns amid improving global energy supply. Oil prices returned near pre-war levels as crude shipments through the Strait of Hormuz continued to recover, while signs of progress in US-Iran peace talks further eased concerns over potential supply disruptions. However, the US dollar remained broadly firm, making dollar-denominated commodities such as platinum more expensive for buyers of other currencies. Despite Fed Chair Kevin Warsh saying inflation expectations had eased over the past month, markets continued to price in more than a 60% chance of a September rate hike as he reaffirmed the Fed’s commitment to restoring price stability, while strong US data underscored the economy’s resilience. Meanwhile, the platinum market remains structurally tight, as output from major producers South Africa and Russia remains constrained.

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