Platinum prices rise above $1,700 amid soft US jobs data and reduced Fed rate hike expectations.

Key points

• Platinum futures climbed above $1,700 per ounce, bouncing off multi-week lows as softer U.S. jobs data reduced expectations for another Federal Reserve rate hike this month.
• The World Platinum Investment Council forecasts a 265,000-ounce surplus for 2026, with industrial demand expected to rise by 5%, partly driven by AI infrastructure, but automotive demand projected to fall by 4%.
• Platinum prices have declined 42% from their January peak, influenced by rising interest rates and a stronger U.S. dollar, which have reduced the relative appeal of non-yielding assets like platinum.
• Despite the recent price increase, platinum's fundamentals remain mixed, with the market projected to have a surplus in 2026, potentially limiting significant price gains.