Platinum futures held near $1,730 per ounce after touching a two-month high, as traders balanced near-term demand support from hybrid vehicle production against longer-term uncertainty from rising electric-vehicle sales, which posted a fifth straight monthly increase in July. Prices were supported by power disruptions and maintenance bottlenecks at South African mines, reinforcing expectations that the platinum market will remain in deficit. Buyers were more cautious because uncertainty around shipments through the Strait of Hormuz clouded industrial demand. Additional support came from plans by the world’s largest jeweler to swap some sterling-silver jewelry for platinum-plated alternatives, while Valterra Platinum said AI and data-center buildouts could lift AI-related demand fivefold by 2030.