FX.co ★ Platinum Rises for Third Session

Platinum futures climbed above $1,800 an ounce, extending gains for a third straight session as falling oil prices boosted appetite for non-yielding metals. Crude prices continued to decline amid signs of intensified diplomatic efforts to resolve the conflict in the Middle East and restore regional energy flows. This helped ease inflation concerns and tempered expectations for further interest rate hikes, reducing the opportunity cost of holding platinum.

Market participants also weighed the Federal Reserve’s policy outlook, with several officials scheduled to speak this week after the central bank implemented its first rate increase in three years last week.

On the supply side, platinum remains structurally constrained. The WPIC projects market deficits to average 331,000 ounces annually over 2026–2030, even though it anticipates a moderate surplus in 2026. Industrial demand continues to provide support, particularly in emissions control technologies, hydrogen applications, and emerging AI-related uses. However, the ongoing transition toward battery electric vehicles (BEVs) represents a long-term headwind for autocatalyst demand.