28.08.202611:10:20UTC+00Platinum Nears Three-Month High

Platinum futures climbed above $1,860 per ounce, approaching a three-month high on the back of stronger industrial demand. Volatile energy prices and constrained supplies linked to the conflict in the Middle East are prompting many countries to reduce their exposure to fossil-fuel price swings, bolstering demand for hybrid vehicles that rely on platinum-containing autocatalysts. The World Platinum Investment Council projects industrial demand to rise by 9% in 2026, and South African PGM miners have already reported stronger sales in the first half of the year. Emerging uses in hydrogen technologies, semiconductor manufacturing, and AI data-center infrastructure are expected to offer further long-term support for demand. Platinum prices are also underpinned by a tight global market, with ongoing supply deficits and low inventories restricting available metal. In the near term, however, investment flows remain a key driver. US inflation running above the Federal Reserve’s target is reinforcing expectations of a possible rate hike by year-end, a development that could dampen appetite for the non-yielding metal.