2026.07.2704:52:56UTC+00Platinum Futures Rise

Platinum futures climbed to around $1,630 an ounce, mirroring gains across the broader precious metals complex as oil prices retreated following a pause in the US-Iran confrontation. The United States halted its nearly two-week campaign of strikes against Iran starting late Friday, while Tehran announced it had ceased its retaliatory attacks and held discussions with Oman concerning the Strait of Hormuz.

Despite the recent uptick, platinum prices remained close to their late-November lows, pressured by the outlook for higher-for-longer interest rates and stubborn inflation. The Federal Reserve is widely expected to keep rates on hold at this week’s policy meeting, though some market participants believe the central bank could move as early as this gathering.

Additional headwinds stem from expectations of softer industrial and automotive demand, even against a backdrop of constrained supply. The accelerating transition toward electric vehicles, which do not use autocatalysts, is undermining demand prospects. This shift comes as the platinum market is still projected to record a fourth consecutive annual supply deficit.