Gold Slips as Fed Holds Rates, Platinum Surges to 10-Year High Amid Supply Squeeze

Gold prices retreated in Asian trading Thursday, weighed down by a hawkish Federal Reserve and a stronger U.S. dollar. At the same time, platinum prices hit their highest level in over a decade, driven by tightening supply and robust demand.

• Spot Gold was down 0.5% at $3,353.92/oz, while

• Gold Futures (August) fell 1.1% to $3,369.77/oz as of 06:00 GMT.

Geopolitical Tensions vs. Fed Policy

Rising geopolitical risk—particularly potential U.S. strikes on Iran—provided some support to safe-haven assets. A Bloomberg report revealed that U.S. officials are preparing for possible weekend action against Iran, following Ayatollah Ali Khamenei's rejection of President Trump's demand for surrender.

Despite this, the Federal Reserve's decision to hold rates steady and warn of ongoing inflation due to tariffs placed downward pressure on bullion. The Fed's stance delays anticipated rate cuts, strengthening the dollar and reducing gold's appeal as a non-yielding asset.

Platinum Hits Highest Since 2014

While gold struggled, Platinum Futures briefly surged to $1,313.0/oz, their highest since September 2014, before easing slightly.

The rally has been fueled by:

• A May industry report projecting strong demand from Chinese jewelers and industrial buyers.

• Supply constraints, including high lease rates and low inventories.

Platinum is increasingly being viewed as an alternative safe haven, especially amid volatility in gold markets.

Related Data

To monitor updated trends in global commodity prices, including intraday performance of gold, platinum, and silver, refer to the Commodities API, which offers real-time price tracking and historical charts.

As tensions escalate and central bank strategies remain uncertain, precious metals will likely remain a focal point for global investors navigating volatility and inflation.