Platinum rallies to the highest since 2014 amid market tightness
Platinum extended a powerful rally to hit the highest level in more than a decade, with gains underpinned by a spike in demand and expectations for a market deficit.
Spot prices surged by more than 2% to $1 350.17/oz, the highest level since September 2014. In a sign of near-term tightness, metal for immediate delivery has been trading at a premium to futures.
Platinum is on course for a record quarterly surge after signs of strong demand in China, as well as robust investor interest, exacerbated concerns over a deficit. Still, there are doubts the rally will endure, with Goldman Sachs Group forecasting prices will fall back to the $800 to $1 150-an-ounce range.
Prices were last 1.5% higher at $1 341.65 an ounce, set for a fourth daily gain.
Source: https://www.miningweekly.com