Platinum steadies near $1,830 after two-week low

Platinum futures traded near $1,830 an ounce, after reaching its lowest level in two weeks, amid prospects of increased industrial demand.

Hybrid vehicle demand remains resilient as volatile fuel prices dampen demand for internal-combustion-engine vehicles.

The European Union is facing pressure to include tariffs on hybrid vehicles from Chinese manufacturers in the existing duties on Chinese fully electric vehicles.

Additionally, a coalition of major US automakers, including General Motors, Toyota, and Volkswagen, urged lawmakers to permanently ban Chinese vehicles, as Chinese automakers are rapidly gaining market share across major economies, which could support demand for platinum used in catalytic converters.

In the near-term, however, the metal remains influenced by investment flows following the latest US payrolls data, which reflected a resilient labor market, boosting expectations of a Fed rate hike and reducing demand for non-yielding platinum.