FX.co ★ Platinum Holds Near 3-Month Lows

Platinum futures remained below $2,000 an ounce, trading in a narrow range near three-month lows as investors closely followed developments in the Middle East conflict. In the latest escalation, US President Trump warned he could target Iranian civilian infrastructure, including power plants and bridges, unless Tehran meets his demands and reopens the Strait of Hormuz by an 8 p.m. Eastern Time deadline, overshadowing tentative signs of progress in mediated ceasefire talks. The standoff has kept energy markets volatile, with disruptions to global oil flows stoking inflation concerns and clouding the outlook for monetary policy, which in turn has weighed on non-yielding assets.

Additional pressure on platinum came from profit-taking following a strong rally in late 2025 and early 2026, as well as softer automotive demand and expectations of improving supply. Structural shifts toward electric vehicles are eroding demand for catalytic converters, while increased recycling flows, particularly in Europe, are expected to narrow the market deficit.