Platinum Rises Above $1,700
Platinum futures rose above $1,700 an ounce, bouncing off from multi-week lows as softer US jobs data reduced expectations for another Federal Reserve rate hike this month. The US economy added fewer jobs than expected in September, while downward revisions to previous months pointed to a softer labor market, easing some pressure from higher interest rates and reducing the opportunity cost of holding the non-yielding metal. However, the recovery remained restrained as the US dollar stayed firm and Treasury yields remained elevated, while higher oil prices continued to raise concerns over inflation. Meanwhile, platinum’s fundamentals remain mixed, with WPIC forecasting industrial demand to rise 5% in 2026, partly driven by AI infrastructure, but automotive demand is expected to fall 4%, leaving the market with a projected 265,000-ounce surplus. Over the longer term, demand will be underpinned by the rapid build-out of artificial intelligence.
Platinum futures rose above $1,700 an ounce, bouncing off from multi-week lows as softer US jobs data reduced expectations for another Federal Reserve rate hike this month. The US economy added fewer jobs than expected in September, while downward revisions to previous months pointed to a softer labor market, easing some pressure from higher interest rates and reducing the opportunity cost of holding the non-yielding metal. However, the recovery remained restrained as the US dollar stayed firm and Treasury yields remained elevated, while higher oil prices continued to raise concerns over inflation.
Meanwhile, platinum’s fundamentals remain mixed, with WPIC forecasting industrial demand to rise 5% in 2026, partly driven by AI infrastructure, but automotive demand is expected to fall 4%, leaving the market with a projected 265,000-ounce surplus. Over the longer term, demand will be underpinned by the rapid build-out of artificial intelligence.