Platinum futures jump above $1,780 to two-month highs
Platinum futures rose above $1,780/oz to a two-month high, supported by a drop in bond yields and ongoing supply concerns in South African mining.
Platinum futures rose above 1,780 per ounce, reaching a two-month high, as a drop in bond yields from multi-year highs boosted the appeal of non-yielding metals.
The US Treasury announced it will increase its buyback operations, pushing borrowing costs lower and boosting demand for non-yielding metals.
Meanwhile, uncertainty over shipments through the Strait of Hormuz kept industrial buyers cautious.
Rising hybrid vehicle production has provided near-term support for autocatalyst consumption, although markets remain cautious about the broader shift toward EVs, which rose for a fifth consecutive monthly in July.
On the supply side, concerns over power disruptions and maintenance bottlenecks at South African mines continued to underpin prices, with the platinum market expected to remain in deficit.
Meanwhile, AI and data-center expansion are emerging as potential new sources of demand, with South Africa’s Valterra Platinum estimating AI-related demand could grow fivefold by 2030.