Platinum futures held near $1,730 per ounce after touching a two-month high, with traders balancing near-term demand support against longer-term uncertainty. Higher hybrid vehicle production has helped sustain autocatalyst (emissions-cleaning system) consumption, while the broader move toward electric vehicles remained a restraint after EV sales posted a fifth straight monthly increase in July. Buyers also stayed cautious as uncertainty around shipments through the Strait of Hormuz (a key oil and trade route) clouded industrial demand. On the supply side, power disruptions and maintenance bottlenecks at South African mines continued to support prices, reinforcing expectations that the platinum market will remain in deficit. Additional demand support came from plans by the world’s largest jeweler to swap some sterling-silver jewelry for platinum-plated alternatives. AI and data-center buildouts are also emerging as a possible new demand driver, with Valterra Platinum estimating AI-related demand could grow fivefold by 2030.