Platinum futures fell below $1,630 an ounce, hovering near late-November levels, as heightened geopolitical tensions weighed.
Ongoing US-Iran hostilities and uncertainty surrounding the Strait of Hormuz lifted oil prices, amid conflicting claims over whether the waterway remained open.
Higher energy costs renewed inflation concerns, reinforcing expectations of a rate hike by the Federal Reserve by year-end and weighing on non-yielding assets such as platinum.
Meanwhile, the platinum market remained structurally tight and on track for a fourth consecutive annual deficit, as constrained South African mine output and subdued recycled supply continued to limit availability.
The World Platinum Investment Council expects above-ground stocks to fall to 2.3 million ounces, less than three months of global demand, while robust investment demand and continued substitution of platinum for palladium in autocatalysts provided support.