25.08.202507:38:29UTC+00Platinum Holds Advance on Powell Remarks

Platinum futures remained steady above $1,350 per ounce on Monday, marking their fourth consecutive session of gains, buoyed by expectations of a dovish shift in the US Federal Reserve's monetary policy. The precious metal gained traction following Federal Reserve Chair Jerome Powell's remarks at the Jackson Hole symposium, where he indicated the likelihood of an interest rate cut at the Fed's upcoming meeting. Currently, market analysts are factoring in an 87% chance of a 25 basis point rate reduction in September, an increase from the approximately 75% probability recorded the previous week. Further bolstering prices, forecasts suggest a slight decline in global platinum output this year, largely due to reduced production in South Africa and Russia, amidst operational difficulties, mine closures, obsolete infrastructure, and cost-reduction strategies. On the demand front, platinum continues to benefit from long-term growth prospects associated with hydrogen fuel cells and the wider adoption of green energy technologies.