Platinum Prices Rise On Steady Vehicle Growth

Reuters reported on steady growth in the car market, spot platinum prices rose.

As quoted in the market news:

China’s vehicle sales climbed 5.3 percent in October from a year earlier, rebounding after a decline in the previous month due to sluggish sales by Japanese carmakers amid a territorial dispute between the two countries.

Steady growth in the world’s No.1 car market will support prices of platinum group metals, widely used in producing autocatalysts to clean up vehicle exhaust.

Spot platinum traded up half a percent to $1,547.74 an ounce, on course for a 0.6-percent weekly rise, snapping four sessions of losses.

Click here to read the full Reuters report.