Platinum Prices Gain as Palladium Soars

Following palladium’s remarkable near-three year gains bringing it to $828.80  on Wednesday, platinum also rose to reach its highest price since early March, Bloomberg reported. According to the publication, platinum futures for delivery in July rose 2 percent to $1,485.70 an ounce, trading as high as $1,487.60 throughout the day. The price rises were supported by escalating tensions near South Africa’s PGM mines, where some mine workers are attempting to return to work despite blockages by those continuing to strike.

As quoted in the publication:

Police using armored vehicles are in residential areas around Lonmin’s mines in North West province, escorting employees who wish to return to work, the National Union of Mineworkers said. No violent attacks near mines belonging to the producers were reported last night or this morning, the South African Police Service said. Four people were killed and an additional six assaulted during attacks last weekend and May 12, the police service said.

Click here to read the full Bloomberg article.