Platinum Falls to 7-Week Low on SA Accord

Bloomberg reported that platinum fell to its lowest level in seven weeks in New York on reduced concern that the supply in South Africa will be disrupted, after the Association of Mineworkers and Construction Union signed an accord yesterday which will help keep peace and stability in South Africa’s mining industry.

As quoted in the market news:

Platinum futures for delivery in April slid as much as 2.4 percent to $1,581 an ounce, the lowest since Jan. 9, and were at $1,600.40 by 7:27 a.m. on the New York Mercantile Exchange. The metal for immediate delivery was 0.4 percent lower at $1,599.40 in London.

Click here to read the full Bloomberg report.