Platinum futures traded around $1,650 an ounce, staying near late-November lows as investors weighed easing geopolitical risks in the Middle East against persistent expectations of higher US interest rates. Despite leaving interest rates unchanged last week, markets continued to price in a Fed rate hike later this year following recent hawkish signals from officials, weighing on non-yielding assets such as platinum. However, diplomatic efforts in the US-Iran conflict and discussions over the potential reopening of the Strait of Hormuz provided support across the precious metals complex. At the same time, the long-term supply outlook remained supportive, with the platinum market still expected to post another annual deficit. South African producer Valterra Platinum also reported a sharp rise in interim profit, citing stronger platinum-group metal prices and growing demand from AI-related infrastructure, which it expects to increase significantly over the coming years.