Platinum futures fell to around $2,200 an ounce, easing from four-week highs, tracking a broader retreat across precious metals. The decline came as the dollar strengthened, reclaiming its traditional safe-haven role amid escalating Middle East tensions. The US military is expected to intensify strikes on Iran, while a top Iranian official warned that vessels attempting to transit the Strait of Hormuz could be targeted, with tanker traffic effectively stalled amid heightened security risks. The escalation drove oil prices sharply higher, intensifying concerns over inflationary pressures. This triggered a sell-off in Treasuries and reduced bets of further Federal Reserve rate cuts. Meanwhile, platinum’s heavy reliance on industrial demand, particularly automotive catalytic converters, makes it more sensitive to slower global manufacturing and weak auto demand. Still, the market remains structurally tight, with ongoing supply constraints from major producers continuing to support prices.
