Platinum Rises for the 7th Day as South Africa Crisis May Trigger Supply Shortage

Reuters reported that platinum has already gained a 9% rise and continues to rally for the seventh consecutive session driven by strong hedge fund buying after Anglo American Platinum said it would cut 14,000 jobs and close two mines in South Africa.

As quoted in the market news:

Spot platinum rose 0.4 percent to $1,685.52 an ounce by 2:02 p.m. EST (1902 GMT), hovering near a three-month high of $1,699.50 set on Tuesday.

Click hear to read the full Reuters report.