Platinum price rockets to two-year high on strong Chinese demand, tightening supply
#Platinum prices surged to a two-year high on Friday, propelled by a sharp rise in Chinese imports, persistent supply concerns, and renewed investor interest in the metal used in catalytic converters, jewellery and electronic items.
Spot platinum rose to its highest level since May 2023, to $1,096.40 per ounce. The metal is up 20% so far this year.
“The fundamental support stems from the prospect for a third annual supply deficit and reports of increased demand for bars, coins and jewellery in #China as investors cast their eye on cheap platinum relative to expensive #gold,” said Ole Hansen @Ole_S_Hansen, head of commodity strategy at Saxo Bank @saxobank.
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