Platinum futures rose toward $2,100 an ounce, attempting to rebound from a four-week low touched last week despite broader weakness in precious metals. The metal remained supported by ongoing industrial demand, particularly from automotive catalytic converters, and structurally tight supply, with mine output limited and above-ground stocks low. The global platinum market is set to remain in deficit for a fourth consecutive year in 2026, keeping prices historically elevated. Additionally, traders are likely buying the dip from last week, helping platinum outperform gold and silver as oil prices stay volatile. The Iran conflict entered its third week after US strikes on Kharg Island, raising concerns over global energy supply, while Tehran responded with attacks on Israel and regional energy infrastructure. Elevated energy costs and inflationary pressures have also reduced expectations for near-term rate cuts by the Fed and other major central banks.
