FX.co ★ Platinum Rises Over 1%

Platinum futures increased by over 1%, reaching approximately $2,360 per ounce, as they attempted to rebound toward record highs. This movement was spurred by US President Donald Trump's announcement of potential tariffs on European countries, which enhanced the demand for safe-haven assets. Trump declared a 10% tariff on goods from eight European nations, effective February 1, with a possible increase to 25% by June if the United States is not permitted to purchase Greenland. In response, European leaders are preparing to engage in urgent talks, with key figures such as French President Emmanuel Macron advocating for the EU to contemplate countermeasures, including reimposing tariffs on US products and leveraging its anti-coercion tool. Concurrently, President Trump has chosen not to proceed with tariffs on critical minerals, including platinum, directing his administration instead to secure supplies from global trade partners. This decision postpones potentially disruptive tariffs and highlights the ongoing US dependence on foreign sources for essential materials.