Platinum futures fell below $1,740 an ounce to a two-week low as rising global bond yields and a stronger U.S. dollar weighed on precious metals. The escalating conflict between the U.S. and Iran pushed oil prices higher, raising concerns that persistent inflation could lead the Federal Reserve to raise interest rates this month. Markets now see roughly a 70% chance of a September rate hike, up from around 40% a week earlier, while the 10-year U.S. Treasury yield reached 4.8%, near a three-year high. Platinum’s constrained mine supply provides a counterpoint to the macroeconomic pressure, with industrial demand expected to rise 9% this year to 2.24 million ounces, according to the World Platinum Investment Council. Valterra Platinum identified China’s rapidly expanding hydrogen-truck sector as a potential new demand catalyst, estimating global demand could reach around 6 million ounces if hydrogen trucks account for 20% of the global fleet.