US Dollar Strengthens, Platinum Futures Plunge, Spot Market Consumption Normal [SMM Daily Review]

Published: Jun 25, 2026 11:59

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Platinum prices came under heavy pressure and slumped today, as US Treasury Secretary remarks pushed the US dollar index higher, and combined with several foreign investment banks raising their expectations for US Fed interest rate hikes in their latest reports, multiple bearish factors weighed on precious metals futures. During morning trading, the most-traded GFEX platinum contract PT2608 settled at 389.55 yuan/g, down 4.39%. The inverted spread between the best ask price for platinum 9995 on the Shanghai Gold Exchange and the GFEX PT2608 contract held near 7 yuan/g. Spot side, mainstream quotations for platinum were at a discount of 1 yuan/g to parity against the PT2608 contract. Premiums and discounts of mainstream quotations were basically flat compared with yesterday. Most traders' quotes leaned toward the higher end, while some suppliers offered small premiums against the most-traded contract but struggled to close deals. Upstream enterprises were less willing to sell due to low absolute prices, and downstream mainly conducted price negotiations for rigid demand purchases. Overall platinum transactions were normal today.

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