Platinum Reverses Early Declines, Rises on Low Supply

Reuters reported precious metals were up and down on Wednesday with platinum finally settling slightly higher.

As quoted in the market news:

Platinum reversed earlier declines to rise 0.2 percent on the day to $1,547.50 an ounce, while palladium was flat at $677.00 an ounce.

Supporting platinum prices was ongoing industrial action at world number two producer Impala Platinum, where workers at its facility near Rustenburg have been on strike since Friday last week over wages.

The company said earlier this week it is losing around 3,000 ounces a day in platinum output because of the closure.

Click here to read the full Reuters report.