2026.02.2004:17:51UTC+00Platinum Sideways at Two-Month Lows

Platinum futures traded just below $2,100 an ounce, confined to a narrow range near two-month lows as a firm US dollar pressured prices amid thin Asian trading. The greenback strengthened on the back of solid US economic data and hawkish signals from the Federal Reserve. Minutes from the latest FOMC meeting showed policymakers were divided on the interest-rate outlook, with some indicating that further hikes could be justified if inflation stays elevated.

Market activity was additionally muted by Lunar New Year holidays that kept major Asian markets closed. At the same time, escalating geopolitical tensions lent some support to prices after President Donald Trump warned Tehran to agree to a nuclear deal or face consequences, prompting Iran to hint at possible retaliation.

On the supply side, ongoing constraints, particularly in South Africa, are expected to persist and provide a floor for platinum prices, while demand continues to be driven primarily by its use in automotive catalytic converters.