Platinum futures slipped to around $2,300 per ounce, pulling back from near-record highs, after US President Donald Trump temporarily delayed new tariffs on critical mineral imports. Concerns over potential tariffs on platinum, along with palladium and silver, eased as the administration signaled a targeted approach, including negotiating bilateral agreements to ensure adequate supplies of critical minerals and considered price floors rather than blanket percentage-based tariffs. Meanwhile, an apparent calmer tone from Trump on the Federal Reserve Chair and Iran eased safe-haven demand for precious metals. Trump said he has no plans to fire Chair Jerome Powell despite a Justice Department criminal investigation, but it was ‘too early’ to say what he would ultimately do. He also softened warnings of striking Iran over its crackdown on civil unrest, while Washington withdrew some personnel from Middle East bases as Iran warned it would target American sites if attacked.
