15.05.202602:29:12UTC+00Platinum Retreats from 2-Month Peak

Platinum futures retreated to around $2,000 an ounce, pulling back from a two‑month high near $2,200 reached on May 13, in line with broader weakness across precious metals amid mounting concerns over US inflation. Expectations for a Federal Reserve rate hike later this year have strengthened, and the dollar has firmed as inflationary pressures build, driven in part by the protracted Iran conflict and the continued closure of the Strait of Hormuz.

At the same time, markets are closely monitoring diplomatic negotiations between President Trump and Chinese President Xi Jinping, which include talks aimed at keeping the critical shipping corridor open to support global energy trade.

Despite the recent pullback, platinum had rallied earlier in the week and outperformed other precious metals on the back of stronger industrial demand expectations, particularly for autocatalyst applications and hybrid vehicles. The market also remains structurally tight, as output from South Africa and Russia—the two largest producers—continues to be constrained by aging mines, elevated production costs, and sanctions.