FX.co ★ Platinum Hits Fresh 1-Month Peak

Platinum futures climbed toward $2,400 an ounce on Monday, reaching a new four-week high, as escalating geopolitical tensions in the Middle East boosted safe-haven demand across the precious metals complex. Gold and silver led the broader advance after coordinated US-Israeli strikes on Iran and Tehran’s retaliatory attacks unsettled global markets and pushed energy prices higher. Although platinum’s significant industrial usage moderates its traditional safe-haven profile, investors still drove prices upward amid a broader risk-off move and a shift into perceived safe assets. The metal also benefited from firm industrial demand, particularly from automotive catalytic converters and its growing role in hydrogen and fuel-cell technologies. On the supply side, disruptions and uncertainty — including volatile production in South Africa and ongoing questions around Russian exports — have tightened availability just as demand stabilizes, reinforcing the bullish trend.