2026.04.1402:41:09UTC+00Platinum Nears 1-Month High

Platinum futures climbed toward $2,100 an ounce, nearing a four-week high, as precious metals broadly advanced on renewed optimism for a diplomatic resolution to the Middle East conflict. Both the US and Iran signaled a willingness to resume negotiations aimed at securing a longer-term ceasefire before the current two-week truce expires. President Donald Trump stated that Tehran had reached out to Washington shortly after the US imposed a naval blockade on Iranian oil shipments through the Strait of Hormuz. Oil prices pulled back on expectations of a possible agreement, easing inflationary pressures and dampening hawkish expectations for monetary policy across major central banks. At the same time, softer industrial demand and improved supply conditions continued to limit gains. Automotive demand—platinum’s largest industrial usage—is expected to decline further as the transition to electric vehicles reduces the need for catalytic converters, while rising recycling volumes, particularly in Europe, are anticipated to narrow the market deficit.