Precious metals futures remain in the doldrums, spot market trading has recovered somewhat [SMM Daily]

Published: Jun 23, 2026 12:00

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Platinum prices remained in the doldrums today, as the market was unable to correct expectations for US Fed interest rate hikes in the short term. Fed fund futures data showed that the market has priced in one rate hike this September and another in March 2027, making it difficult for precious metals futures to shake off the weak pattern. In the early session, the most-traded GFEX platinum contract PT2608 settled at 405.00 yuan/g, down 2.85%. The inverted price spread between the Shanghai Gold Exchange Pt9995 best ask price and the GFEX PT2608 widened to around 8 yuan/g. In the spot market, mainstream platinum quotations were at a discount of 2 yuan/g to parity against the PT2608 contract, with premiums/discounts basically flat compared with yesterday. Most traders quoted at the higher end of the range, and as intraday prices continued to decline today, a small volume of transactions was also done near parity. Downstream users mainly engaged in rigid-demand stockpiling, and purchasing sentiment among some end-user enterprises recovered somewhat due to lower absolute prices. Overall platinum trading activity today recovered compared with yesterday.

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