FX.co ★ Platinum Holds Decline

Platinum futures extended their recent slide, trading below $1,670 an ounce and hovering near a seven‑month low, as ongoing uncertainty around US–Iran peace talks kept inflation risks elevated. The high‑stakes negotiations got off to a fragile start after President Trump warned of renewed military strikes should Hezbollah persist in attacking Israel, while Tehran responded by announcing a fresh closure of the Strait of Hormuz. Iran was also reported to have suspended the talks in reaction to Trump’s comments, though sources familiar with the process indicated that discussions were still continuing.

Sentiment toward platinum was further pressured by a stronger US dollar after the Federal Reserve left interest rates unchanged last week but struck a more hawkish tone. Nine Fed policymakers now anticipate at least one additional rate hike this year, with futures markets increasingly pricing in the possibility of a move as early as September.

Despite the recent price weakness, the platinum market remains structurally tight. Production from key suppliers South Africa and Russia continues to be constrained by aging assets, elevated operating costs, and disruptions linked to international sanctions.