Platinum Pressured Near Multi-Month Lows
Platinum futures traded around $1,700 an ounce, near two-month lows as elevated oil prices and Treasury yields pressured the precious metals complex. Oil prices rebounded on persistent risks to Middle East supply, keeping inflation and interest-rate concerns in focus, while Treasury yields remained near multi-decade highs on persistent inflation, rising fiscal risks and elevated AI-related debt issuance. Meanwhile, markets are pricing in around an 80% chance that the Federal Reserve will leave rates unchanged this month following a weaker-than-expected labor market report. Platinum’s fundamentals also remain mixed, with WPIC forecasting industrial demand to rise 5% in 2026, partly driven by AI infrastructure, while automotive demand is expected to fall 4%, leaving a projected 265,000-ounce surplus. Over the longer term, the rapid build-out of AI infrastructure is expected to support demand.
Platinum futures traded around $1,700 an ounce, near two-month lows as elevated oil prices and Treasury yields pressured the precious metals complex. Oil prices rebounded on persistent risks to Middle East supply, keeping inflation and interest-rate concerns in focus, while Treasury yields remained near multi-decade highs on persistent inflation, rising fiscal risks and elevated AI-related debt issuance. Meanwhile, markets are pricing in around an 80% chance that the Federal Reserve will leave rates unchanged this month following a weaker-than-expected labor market report.
Platinum’s fundamentals also remain mixed, with WPIC forecasting industrial demand to rise 5% in 2026, partly driven by AI infrastructure, while automotive demand is expected to fall 4%, leaving a projected 265,000-ounce surplus. Over the longer term, the rapid build-out of AI infrastructure is expected to support demand.