15.01.202602:54:13UTC+00Platinum Dips as Trump Delays Tariffs

Platinum futures have edged down to approximately $2,300 per ounce, retreating from near-record levels, following a temporary suspension by US President Donald Trump on the imposition of new tariffs on critical mineral imports. The anxiety regarding potential tariffs affecting platinum, palladium, and silver has lessened as the administration has opted for a more targeted strategy. This strategy includes negotiating bilateral agreements to secure adequate supplies of these essential minerals and considering implementing price floors instead of broad, percentage-based tariffs.

Additionally, a seemingly more conciliatory tone from President Trump toward both Federal Reserve Chair Jerome Powell and the situation with Iran has led to a reduced demand for precious metals as safe-haven assets. Trump has stated that he currently has no intention of dismissing Jerome Powell, despite an ongoing Justice Department criminal investigation, although he noted that it was still ‘too early’ to determine his ultimate decision. Furthermore, Trump has moderated his warnings of military action against Iran in response to its suppression of civil unrest. In a related development, Washington has withdrawn some of its personnel from bases in the Middle East, as Iran has threatened to target American sites if attacked.