2026.10.0504:04:16UTC+00Platinum Rises Above $1,700

Platinum futures climbed back above $1,700 an ounce, rebounding from multi-week lows after softer US employment data tempered expectations of another Federal Reserve rate hike this month. The US economy added fewer jobs than anticipated in September, and downward revisions to prior months signaled a cooling labor market. That eased some pressure for further monetary tightening and reduced the opportunity cost of holding non-yielding assets such as platinum.

Still, the metal’s recovery remained limited as the US dollar stayed firm and Treasury yields held at elevated levels, while higher oil prices continued to fuel inflation concerns. On the fundamentals side, the outlook is mixed: the World Platinum Investment Council (WPIC) projects industrial demand to rise 5% in 2026, supported in part by the expansion of AI-related infrastructure. In contrast, automotive demand is expected to decline by 4%, leaving the market with an estimated surplus of about 265,000 ounces. Over the longer term, however, platinum demand is expected to be supported by the rapid build-out of artificial intelligence technologies.