Platinum Slips Toward 6-Month Lows

Platinum futures fell below $1,770 an ounce, moving back toward six-month lows, pressured by a stronger US dollar after the Federal Reserve signaled growing support for interest rate hikes this year. While the central bank left its policy rate unchanged, nine Fed officials now expect a rate hike by the end of 2026. New Fed Chair Kevin Warsh refrained from providing guidance on the next policy move but stressed that inflation has remained above the central bank’s target and reiterated the Fed’s commitment to restoring price stability. Meanwhile, losses were capped as oil prices declined further after US President Trump signed an interim agreement to end the war with Iran, potentially reopening the Strait of Hormuz and easing inflation concerns. The platinum market also remains structurally tight, as output from major producers South Africa and Russia remains constrained by aging mines, high costs, and sanctions-related disruptions.