2026.08.1300:44:02UTC+00Platinum Hits Fresh 2-Month Peak

Platinum futures climbed above $1,770 an ounce, marking a new eight-week high and mirroring broad gains across precious metals following a softer US inflation reading. US consumer prices slowed for a second straight month, rising 3.4% year-over-year in July and just 0.1% from the prior month. This tempered expectations of further policy tightening by the Federal Reserve at its September meeting, lending support to non-yielding assets such as platinum.

Additional support came from lower oil prices, as markets assessed the likelihood of an agreement to reopen the Strait of Hormuz—an outcome that could ease energy supply risks and dampen inflation pressures.

At the same time, the rapid build-out of AI infrastructure and data centers is emerging as a potential new driver of demand for platinum-group metals (PGMs). Valterra Platinum estimates that AI-related PGM demand currently stands at 200,000–400,000 ounces per year and could increase fivefold by 2030.

Even so, the platinum market is expected to remain in deficit amid constrained mine supply, particularly in South Africa. While higher prices may stimulate increased recycling, they are unlikely to fully offset the supply shortfall in the near term.