FX.co ★ Platinum Slips Toward 6-Month Lows

Platinum futures slipped below $1,770 an ounce, retreating toward six-month lows under pressure from a stronger US dollar after the Federal Reserve signaled increasing support for interest rate hikes this year. Although the central bank left its policy rate unchanged, nine Fed officials now anticipate at least one rate increase by the end of 2026. New Fed Chair Kevin Warsh declined to offer explicit guidance on the timing of the next policy move but emphasized that inflation remains above the central bank’s target and reaffirmed the Fed’s commitment to restoring price stability.

Downside pressure on platinum was partially limited as oil prices extended their decline after US President Trump signed an interim agreement to end the war with Iran, a deal that could reopen the Strait of Hormuz and alleviate some inflation concerns. At the same time, the platinum market remains structurally tight, with supply from key producers South Africa and Russia still constrained by aging mines, elevated production costs, and sanctions-related disruptions.