13.03.202603:39:17UTC+00Platinum Futures Range-Bound

Platinum futures traded in a tight range near $2,100 an ounce and were largely flat on the week, as a strong US dollar pressured precious metals. The safe-haven currency gained amid mounting concerns that the war in the Middle East will be prolonged and as surging oil prices heightened fears of a global economic downturn. These developments also led markets to delay expectations for Federal Reserve rate cuts, given rising inflation risks.

In the latest escalation, Iran intensified attacks on oil and transport infrastructure across the Middle East, while the new Supreme Leader vowed to keep the Strait of Hormuz effectively closed. At the same time, the platinum market continued to find support from constrained supply among major producers and steady industrial demand, particularly from automotive catalytic converters, even as EV sales fell again in February. In Japan, Rakuten Securities launched a tax-efficient platinum fund, broadening retail investor access to the metal and providing additional support to prices.