ZPLA.SW is trading at CHF 365.05 (-3.11%) as high real yields and a strong dollar increased pressure on platinum. - The Fed held rates, but dissenting votes and a higher perceived chance of a December hike kept rate concerns alive. - A forecast 265,000-ounce 2026 surplus, ETF outflows, and weaker automotive and jewelry demand weigh on platinum’s outlook. - The fund is physically backed by platinum, making underlying metal weakness the direct sector catalyst.