Geopolitical concerns resurface, platinum consolidates, spot market consumption remains poor [SMM Daily Review]

Published: Jul 8, 2026 14:16

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Platinum prices continued to consolidate today. On the macro front, geopolitical concerns resurfaced as the US launched a new round of airstrikes against Iran and frequent vessel attacks in the Strait of Hormuz further jeopardized the peace agreement between the two sides, driving up oil prices and adding to concerns over further US Fed rate hikes. In early trading, the most-traded GFEX platinum contract PT2608 closed at 404.35 yuan/g, edging up 0.33%. The discount of the best ask price for Pt9995 on the Shanghai Gold Exchange against the GFEX PT2608 contract widened to around 6 yuan/g. In the spot market, mainstream platinum quotations were at a discount of 1 yuan/g to parity against the PT2608 contract, with the discount level basically flat from the previous trading day. Downstream consumption was weak and wait-and-see sentiment was prevalent, making transactions at the higher end of the quoted range difficult. Overall, spot platinum trading remained sluggish on the day.

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