02.07.202601:57:26UTC+00Platinum Trades Near 7-Month Lows

Platinum futures hovered around $1,600 an ounce, near their lowest level since November 2025, as a stronger US dollar offset easing inflation concerns driven by improving global energy supply. Oil prices retreated toward pre-war levels amid a continued recovery in crude shipments through the Strait of Hormuz, while signs of progress in US–Iran peace talks further reduced fears of potential supply disruptions.

At the same time, the US dollar remained broadly firm, making dollar-denominated commodities such as platinum more expensive for buyers using other currencies. Although Fed Chair Kevin Warsh noted that inflation expectations had eased over the past month, markets continued to price in a more than 60% probability of a September rate hike. Warsh reaffirmed the Fed’s commitment to restoring price stability, and robust US economic data underscored the economy’s resilience.

Meanwhile, the platinum market remains structurally tight, as production from major suppliers South Africa and Russia continues to be constrained.