Platinum futures surged past $2,430 an ounce, moving back toward record levels as investors continued to pile into precious metals amid growing bets on US rate cuts and rising safe-haven demand. December US inflation data showed signs of moderation, suggesting price pressures are easing and giving markets a clearer view after earlier distortions from temporary shutdown effects. Futures traders are now split between pricing in two or three Fed cuts this year, exceeding the central bank’s own median forecast of just one. Meanwhile, safe-haven demand strengthened amid renewed concerns over the Fed’s independence following a criminal probe into Chair Powell, alongside heightened geopolitical risks, including possible US engagement in Iran. Structural supply constraints in key producing regions, especially ongoing tightness in South African output, and robust industrial demand, notably from the automotive sector, have also continued to support the metal.
