Platinum futures advanced toward $2,400 an ounce on Monday, hitting a fresh four-week high, as geopolitical tensions in the Middle East fueled safe-haven demand across precious metals. Gold and silver led the broader rally after coordinated US-Israel strikes on Iran and Tehran’s retaliatory attacks rattled global markets and lifted energy prices. While platinum’s industrial exposure tempers its safe-haven appeal, investors still pushed prices higher amid broader risk-off sentiment and spillover in safe-asset positioning. The metal’s uptrend was also underpinned by solid industrial demand, including automotive catalytic converters and expanding use in hydrogen and fuel-cell technologies. Supply constraints, including volatile South African output and ongoing Russian supply uncertainty, have tightened availability just as demand remains steady.
