Platinum futures advanced more than 1% to around $2,360 per ounce, attempting to climb back toward record highs as US President Donald Trump’s tariff threats against European countries boosted safe-haven demand. Trump said he would impose a 10% tariff on goods from eight European nations starting February 1, with the rate potentially rising to 25% by June unless the United States is allowed to buy Greenland. European leaders are expected to hold emergency discussions, as officials including French President Emmanuel Macron urged the EU to consider retaliatory measures such as reviving tariffs on US goods and activating its anti-coercion instrument. Meanwhile, Trump said he had opted for now against imposing tariffs on critical minerals, such as platinum, instead ordering his administration to seek supplies from international trading partners. This move delays potentially disruptive duties and underscores the United States’ continued reliance on overseas sources for key materials.
