17.09.202601:59:03UTC+00Platinum Stays Near 2-Week Lows

Platinum futures were trading above $1,780 an ounce but stayed close to a two-week low, as a stronger US dollar following the Federal Reserve’s hawkish rate hike offset the relief from easing oil prices. The Fed raised its benchmark rate by 25 basis points—its first hike since 2023—and signaled the likelihood of another increase this year, thereby raising the opportunity cost of holding non-yielding assets such as platinum.

At the same time, oil prices retreated as worries over supply disruptions in the Middle East moderated, with Saudi Arabia expected to restore pipeline capacity within days. Even so, crude remains above $100 a barrel, keeping inflation risks firmly in focus.

On the supply side, platinum remains structurally constrained. The World Platinum Investment Council (WPIC) expects market deficits to average 331,000 ounces annually over 2026–2030, despite projecting a moderate surplus in 2026. Industrial demand also provides support, driven by uses in emissions control, hydrogen technologies, and certain emerging AI-related applications. Nonetheless, the longer-term shift toward battery electric vehicles (BEVs) represents a structural headwind for autocatalyst demand.