Platinum futures ease from 11-week high

Platinum futures fell below $1,860, easing from an eleven-week high as profit-taking and a firmer US dollar limited gains ahead of US inflation data.

The greenback strengthened on safe-haven demand following US sanctions on Iran and its trading partners, reducing demand for dollar-denominated precious metals after their recent gains.

Investors also took profits across the metals complex following the US Treasury’s announcement of increased buybacks of long-term government debt aimed at lowering elevated borrowing costs.

Attention now turns to US inflation data on Wednesday, which could provide further clues on the outlook for monetary policy.

Platinum remained supported by a tight global supply-demand balance, with persistent supply deficits and low inventories limiting available metal.

Meanwhile, geopolitical tensions in the Middle East and elevated oil prices continued to fuel inflation and economic uncertainty, supporting demand for precious metals as a hedge.