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Platinum beats its last year’s record

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Platinum beats its last year’s record
September 06
09:00 2019

On Thursday, platinum shows a good increase. The cost of an ounce of the precious metal exceeded one thousand dollars. It was the beginning of 2018 when such a level was recorded for the last time.

On NYMEX, platinum contracts have risen about 2%, reaching $ 1,000.8. In London, quotes were slightly lower – 987.3 US dollars.

The metal price grows due to the increased interest in protective assets, one of which is platinum. Investors are concerned about the situation in the US-China conflict and more often choose low-volatile precious metals.

Gold and silver futures contracts are currently at their highest levels. This increases the demand for palladium and platinum. The cost of the four metals has increased 20% since the beginning of the year. At the same time, copper and aluminum, on the contrary, are losing value.

The cost of palladium at New York auctions has risen to $ 1,564 per ounce. Then, the value of the metal was adjusted to the level of $ 1,560.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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