Platinum Rises to Highest Price in Six Weeks

The Financial Times reported that platinum prices are sitting at their highest level in six weeks as a result of increasing worries about unrest in South Africa, the launch of a new exchange-traded fund and increased demand for platinum jewelry.

As quoted in the market news:

The price of platinum rallied 5 per cent this week, on Thursday hitting a six-week high of $1,531.50 a troy ounce.

The rally has also been aided by the successful launch of a new exchange traded fund backed by physical platinum in South Africa.

Moreover, the lacklustre performance of platinum in recent months has helped to spur demand for platinum jewellery, according to Walter de Wet, commodities strategist at Standard Bank.

All that has helped reignite investor interest in platinum, which has suffered along with gold and silver in recent months.

Click here to read the full Financial Times report.