Spot platinum on Wednesday moved to a 25-and-a-half-year high of $944,50 a troy ounce on fund-buying of the metal.
At 10.20am, platinum was quoted at $942.50/oz, up $4.50/oz from its previous close. The level of $944.50/oz equalled the high set in April last year, which in turn was the highest level for platinum since February 1980.
“Platinum and palladium are both benefiting from the renewed interest in gold. Platinum is likely to break resistance at $950/oz on fund enthusiasm soon,” London-based Barclays Capital analyst Yingxi Yu said.
Palladium was last quoted at $209.50/oz, unchanged from its previous close, after touching $210.50/oz earlier on Wednesday — its highest level March 8 this year.
Also on Wednesday, the spot price of gold moved above $480 a troy ounce for the first time in almost 18 years on fund-buying of the metal.
At 10am, gold was quoted at $480/oz, up $4,25/oz from its previous close. Earlier on Wednesday, gold moved to $480,63/oz, the metal’s highest level since January 28 1988.
“Gold has broken through key resistance at $478/oz this morning on fund enthusiasm. Continued fund-buying is likely to take gold through $481/oz soon,” London-based Barclays Capital analyst Yingxi Yu said. — I-Net Bridge