Strong Demand from Jewelry Sector Drives Price Surge.
The price of platinum temporarily climbed to a ten-year high this week. In early trading on Thursday, the precious metal was quoted at nearly $1,350 or €1,150 per ounce. The platinum market is currently in a supply deficit, with demand outstripping available supply. According to the World Platinum Investment Council, one key factor is the decline in investment in mining operations, driven by relatively low prices for platinum group metals over the past year. This structural deficit is expected to persist through 2029, particularly as demand may grow faster than previously forecast, primarily fueled by increased investment purchases in China. Rising demand from the jewelry industry is also playing a significant role in supporting prices.
Last week, we reported that platinum had outperformed gold in price development, despite gold itself experiencing strong demand in recent months.
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