Platinum futures eleven-week high above $1,870 an ounce
Weaker US dollar and renewed demand for precious metals lifted the market. The greenback came under pressure amid concerns over the US fiscal outlook and skepticism about the Treasury’s expanded bond-buyback program, which investors viewed as unlikely to provide a lasting solution to elevated borrowing costs.
Lower yields earlier in the week also boosted demand for non-yielding assets, while expectations that the Federal Reserve could keep rates unchanged in September further supported precious metals.
Platinum additionally underpinned by a tight global supply-demand balance, with persistent supply deficits and low inventories limiting available metal. Meanwhile, geopolitical tensions in the Middle East and elevated oil prices continued to fuel inflation and economic uncertainty, encouraging demand for precious metals as a hedge.