Platinum reached an all-time high in euro terms at €1,760/oz on the penultimate Monday of the year. One driving factor could be the softening of the EU’s ban on internal combustion engines, which will come into effect in 2035. The automotive sector is a major consumer of platinum-group metals, which are used in catalytic converters. In addition, China is increasing its influence on the market through the recently introduced platinum and palladium futures and options on the Guangzhou Exchange.
Meanwhile, gold reached $4,400/oz in U.S. dollar terms for the first time. This is likely driven by expectations that the U.S. central bank will continue cutting interest rates. Moreover, gold remains the classic “safe haven” in times of political instability.
Overall, precious metals can look back on a strong quarter and year. More details can be found in a quarterly review we prepared together with the raw materials trader TRADIUM.
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