Platinum prices rose approximately 1.9% on Monday.
The metal reached $1,959.85. Gold and silver also posted gains in a broader precious metals rally.
Optimism for a diplomatic breakthrough in U.S.-Iran peace negotiations drove the market. This sentiment weakened the U.S. dollar and triggered a sharp drop in oil prices.
The progress in talks eased concerns of a prolonged Middle East conflict. This reduced the geopolitical risk premium in crude oil.
Public holidays in the U.S. and U.K. subdued overall trading. External macroeconomic factors drove the price action, rather than platinum-specific supply or demand news.