02.04.202603:38:04UTC+00Platinum Eases from 2-Week High

Platinum futures slipped to around $1,900 an ounce, pulling back from a two-week high as part of a broader decline across precious metals. The drop followed a strengthening in the US dollar after President Trump offered no clear timeline for ending the Middle East conflict. In his speech, Trump said Washington’s core strategic objectives in Iran were close to being achieved but cautioned that military operations could continue, with intensified strikes possible over the next two to three weeks.

Oil prices also resumed their climb, stoking inflation concerns and bolstering expectations of tighter monetary policy across major central banks. Platinum was additionally pressured by profit-taking after a strong rally in late 2025 and early 2026, along with weakening automotive demand and expectations of increased supply. The ongoing shift toward electric vehicles is curbing demand for catalytic converters, while higher recycling volumes, particularly in Europe, are expected to narrow the market deficit, even though the market is still projected to remain in shortfall.