2026.06.2902:48:56UTC+00Platinum Trades Near 7-Month Lows

Platinum futures hovered around $1,600 an ounce, lingering near their lowest levels since November 2025 as precious metals broadly weakened following renewed clashes in the Middle East that reignited inflation concerns. While the US and Iran agreed to halt further attacks after a recent exchange of strikes around the Strait of Hormuz, oil prices rose as the latest escalation disrupted the rebound in crude shipments through the key waterway that had begun after an earlier interim deal. A broadly stronger US dollar also weighed on the metal, making dollar-priced commodities such as platinum more expensive for holders of other currencies. At the same time, markets still expect the Federal Reserve to raise interest rates this year after new Chair Kevin Warsh struck a hawkish tone and policymakers revised inflation forecasts higher. Despite the price pressure, the platinum market remains structurally tight, with output from major producers South Africa and Russia constrained by aging mines, elevated costs, and sanctions-related disruptions.