2026.03.2503:37:30UTC+00Platinum Attempts Recovery

Platinum futures climbed back above $1,900 an ounce, attempting to recover from a three-month low as precious metals broadly advanced on optimism over a potential ceasefire in the Middle East. Reports suggest the US is making progress in negotiations with Iran, including proposals aimed at ending the conflict. This has supported a renewed shift into safe-haven assets as the dollar’s strength faded, while easing oil prices helped alleviate inflation concerns and reduced expectations for further monetary tightening by major central banks.

At the same time, softer industrial demand and improving supply conditions continued to cap gains. Investment demand is projected to fall by as much as 52%, reflecting weak retail interest, particularly in China. Automotive demand—the largest industrial use of platinum—is also expected to decline further as the transition to electric vehicles diminishes the need for catalytic converters. Although the platinum market remains in deficit, the shortfall is anticipated to narrow, driven in part by rising recycling volumes, especially in Europe.