Platinum Holds Advance on Powell Remarks

Platinum futures held above $1,350 per ounce on Monday after rising for three consecutive sessions, supported by dovish bets on US Federal Reserve monetary policy. The metal gained momentum after Fed Chair Jerome Powell signaled in his Jackson Hole speech on Friday that the central bank is likely to cut interest rates at its next meeting. Markets are now pricing in an 87% probability of a 25 basis point rate cut in September, up from about 75% last week. Additional support came from expectations of tighter supply, as global platinum production is projected to decline slightly this year, driven mainly by lower output from South Africa and Russia amid operational challenges, mine closures, aging infrastructure, and cost-cutting measures. On the demand side, platinum continues to benefit from long-term prospects linked to the growth of hydrogen fuel cells and broader green energy adoption.