Platinum maintains a consolidation pattern as longs and shorts intertwine, with cautious trading in the spot market [SMM Daily Commentary]

Published: Sep 8, 2026 12:04

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Today, platinum futures consolidated. The central bank and the State Administration of Foreign Exchange released reserve data. As of end-August 2026, China's gold reserves stood at 76.73 million ounces, up about 20.22 mt MoM, marking the 22nd consecutive month of increases. The single-month increase in August hit a near three-year high. Central bank gold purchases provided some support to the precious metals sector. However, international geopolitical uncertainties persisted. Combined with recent sharp swings in market expectations for the US Fed's rate hike path, these two major variables jointly disturbed asset pricing, leaving market trading sentiment cautious and wait-and-see.

In morning trading, the most-traded GFEX platinum contract PT2610 closed at 446.75 yuan/g, up 0.89%. The price spread between the best ask price for SGE platinum 9995 and the GFEX PT2610 contract widened to around 6 yuan/g.

In the spot market, mainstream quotations for platinum were at a discount of 3 yuan/g to 2 yuan/g against the PT2610 contract. Mainstream quotation discounts were basically flat from yesterday, but transactions were relatively difficult. Market wait-and-see sentiment was heavy, and downstream players mainly made cautious purchases based on orders. Overall, platinum market trading was sluggish today.

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