FX.co ★ Platinum Attempts Recovery

Platinum futures climbed toward $2,100 an ounce, attempting to rebound from the four-week low reached last week despite broad weakness across the precious metals complex. Prices remained underpinned by steady industrial demand, particularly from the automotive sector for catalytic converters, alongside structurally tight supply conditions characterized by constrained mine production and low above-ground inventories. The global platinum market is expected to remain in deficit for a fourth consecutive year in 2026, helping to keep prices at historically elevated levels. At the same time, dip-buying following last week’s pullback has likely supported the metal, enabling platinum to outperform gold and silver amid ongoing volatility in oil prices. The conflict involving Iran has entered its third week following US strikes on Kharg Island, stoking concerns over global energy supplies, while Tehran has retaliated with attacks on Israel and regional energy infrastructure. Higher energy costs and renewed inflationary pressures have, in turn, dampened expectations for near-term interest rate cuts by the Federal Reserve and other major central banks.