Platinum Prices Will Rise in 2013, Says CPM Group

Forbes reported that increased fabrication demand and improved investor sentiment will push platinum prices up this year, according to CPM Group. It sees the supply deficit for the metal falling to 86,000 ounces from 294,000 ounces in 2012.

As quoted in the market news:

Higher demand should also support prices, although CPM Group did not give a price forecast. In 2012, platinum prices averaged $1,554.30 an ounce, down 9.8% from 2011’s record annual price of $1,722.39.

‘If investment demand improves more than expected, the market balance could narrow further and prices could increase more rapidly,’ CPM said.

Click here to read the full Forbes report.