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The Wall Street Journal reported that the platinum price rebounded Friday from a six-year low due to a weaker US dollar and improved European auto demand outlook.
The Wall Street Journal reported that the platinum price rebounded Friday from a six-year low due to a weaker US dollar and improved European auto demand outlook. The metal’s rise came as the gold price fell.
As quoted in the market news:
Platinum for October delivery, the most actively traded contract, rose $9.90, or 1%, to settle at $1,032.30 a troy ounce on the New York Mercantile Exchange. The contract had ended Thursday at the lowest price since February 2009.
The European Automobile Manufacturers’ Association raised its estimate for 2015 car sales growth to 5%, from 2% in February. Sales are likely to exceed 13 million cars this year and have climbed 6.8% during the first five months of 2015.
“This points to robust demand for platinum in the diesel-heavy European auto market, which should lend support to its price,” Commerzbank analysts said.
Click here to read the full report from The Wall Street Journal.