Platinum futures held above $1,780 an ounce but stayed near two-week lows as a stronger US dollar after the Federal Reserve’s hawkish 25-basis-point hike weighed on the non-yielding metal. The increase was the Federal Reserve’s first since 2023, and projections indicated another rate increase this year, raising the opportunity cost of holding platinum. Oil prices retreated as concerns about Middle East supply disruptions eased, with Saudi Arabia expected to restore pipeline capacity within days, although crude remained above $100 a barrel and kept inflation risks in focus. Supply remains structurally constrained, with WPIC forecasting average annual deficits of 331,000 ounces from 2026 through 2030 despite projecting a moderate surplus in 2026. Industrial demand from emissions control, hydrogen and emerging AI technologies remains supportive, while the shift toward battery electric vehicles presents a longer-term challenge for autocatalyst demand.