FX.co ★ Platinum Pressured Near 2-Week Lows

Platinum futures fell below $2,100 an ounce, trading at their lowest levels in more than two weeks amid a broad selloff in precious metals. The drop followed a sharp rise in energy prices that stoked inflation concerns and strengthened the US dollar, diminishing the appeal of non-yielding safe-haven assets such as platinum. Crude oil climbed above $100 per barrel for the first time since 2022 as the US-Israeli war with Iran moved into its second week, with attacks on energy infrastructure and shipping disruptions in the Strait of Hormuz tightening global supply. This key chokepoint typically handles about one-fifth of global seaborne oil trade, and recent tanker disruptions have led several Middle Eastern producers to reduce output. Even so, the platinum market remains structurally tight, constrained by limited mine supply growth and the prospect of another global deficit this year. At the same time, steady demand from the automotive sector for catalytic converters continues to underpin longer-term consumption.