There is no one to stop the price of platinum: yesterday, it exceeded the mark of the $ 1,400 per ounce Troy for the first time since September 2014, says Thu Lan Nguyen, head of FX investigation and raw materials of Commerzbank, and the analyst of raw materials Barbara Lambrecht.
Platinum shoots above $ 1,400, first time since 2014
“This means that it has won about $ 400 or around $ 40% in six weeks. Market reports point to the growing interest of the Chinese in platinum jewelry Fundamental trigger for price increase. “
“The supply deficit in the platinum market is nothing new and has barely supported the price in recent years. On the contrary, at the end of 2023, the price fell well below the brand of the $ 900 per Troy ounce for a while, although the market had fallen into a supply deficit that year according to the World Investment Council in Platinum.”
“Last year, the supply deficit reached a record without the price of platinum benefiting significantly. The main reason for the price increase is, therefore, probably the high discount with respect to gold, which is apparently considered too expensive. It is appropriate that the price of gold is currently fighting for recovering ground, although speculation on cuts of interest rates in the US.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
