Feds Rate Hike Bets Hammer Platinum Below $1,700

Platinum prices plummeted below $1,700 on Tuesday as investors grew concerned about inflation and a potential rate hike by the Federal Reserve. Higher oil prices contributed to the downward pressure, with traders also wary of Treasury yields above 5% and a strong US dollar.

The market is now awaiting key economic indicators, including US inflation data, the jobs report, and China's factory survey, for clues about the next move. According to some analysts, platinum needs to break above $1,900 to continue its positive trend.