Platinum futures hovered near $2,100 an ounce, trading in a narrow range and largely unchanged for the week, as a firm US dollar weighed on precious metals. The safe-have currency strengthened as concerns over a prolonged Middle East war and surging oil prices stoked fears of a global economic downturn. This also prompted markets to push back expectations of Fed rate cuts amid rising inflation risks. In the latest development, Iran stepped up attacks on oil and transport facilities across the Middle East, and the new Supreme Leader vowed to keep the Strait of Hormuz effectively closed. Meanwhile, the platinum market remained supported by tight supply from major producers and steady industrial demand, particularly for automotive catalytic converters, while EV sales in February dropped again. In Japan, Rakuten Securities launched a tax-efficient platinum fund, expanding retail access to the metal, adding further support on prices.
