Platinum Pulls Back from 2-Week High

Platinum futures fell below $1,330 per ounce on Monday, retreating from a two-week high as easing geopolitical and trade concerns tempered safe-haven demand. Investors focused on US President Donald Trump’s upcoming meeting with European leaders aimed at advancing a peace deal with Russia. While Trump’s Friday talks with Russian President Vladimir Putin failed to deliver a ceasefire breakthrough, Putin agreed to allow the US and Europe to provide Ukraine with security guarantees as part of a potential settlement. On trade, the US has secured agreements with major economies that prevent the imposition of steep tariffs, further easing investor concerns. Still, platinum prices remain underpinned by structural supply constraints. Persistent disruptions in South African mining, including heavy rains and power and water shortages, are expected to drive a 4% drop in 2025 output from the prior year, while subdued recycling continues to tighten supply.