Platinum Hits 11-Week High

Published: Aug 24, 2026 14:50

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Platinum futures climbed above USD 1,870/oz on August 21, reaching an 11-week high as a weaker US dollar and renewed demand for precious metals supported prices.

The US dollar came under pressure amid concerns over the US fiscal outlook and investor scepticism about the Treasury’s expanded bond-buyback programme. Lower yields earlier in the week also supported demand for non-yielding assets, while expectations that the Federal Reserve could leave interest rates unchanged in September provided additional support to precious metals.

Platinum also continued to benefit from a tight global supply-demand balance, with persistent market deficits and low inventories limiting available metal. Meanwhile, heightened geopolitical tensions in the Middle East and elevated oil prices added to inflation and economic uncertainty, supporting safe-haven and hedging demand. The combination of constrained physical supply and supportive macroeconomic conditions continues to underpin the platinum market, although movements in the US dollar, Treasury yields and interest-rate expectations remain key factors for prices in the near term.

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