Platinum Pressured Near Multi-Month Lows

Platinum futures held below $1,650 an ounce, staying near their lowest since November 2025 as precious metals broadly weakened amid renewed US-Iran tensions. The US launched a fresh wave of strikes against Iran and revoked a license allowing the country to sell oil following recent attacks on ships transiting the Strait of Hormuz. The renewed escalation threatened the interim US-Iran peace deal, drove oil prices higher, and raised concerns that persistent inflation could keep interest rates elevated, weighing on non-yielding assets. However, downside pressure was limited by expectations of a fourth consecutive annual platinum market deficit, as South African mine output remains constrained and recycled supply stays subdued. The World Platinum Investment Council also projects above-ground stocks to fall to just 2.3 million ounces, less than three months of global demand, while strong investment demand and continued substitution for palladium in autocatalysts provide additional support.