Platinum fell to around $1,550 per ounce, hitting a one-week low as traders dialed back expectations for US Federal Reserve interest rate cuts, triggering a pullback in precious metals. Markets are currently pricing in around a 46% chance the Fed will lower rates by 25 bps in December, down sharply from roughly 88% a month ago. These developments came as several Fed officials expressed skepticism over the need for a rate cut next month, with some opposing it entirely. Investors are now looking ahead to the closely watched US jobs report for September, due Thursday, while awaiting an updated schedule of economic data releases. Platinum has surged over 70% year-to-date, outperforming gold, supported by tight supply and strong industrial demand. Elsewhere, China approved registration for platinum and palladium futures and options, marking a key step toward launching derivatives trading for metals used by automakers and other industries.
