The spot price of platinum on Friday climbed to an all-time high, while sister metals palladium and rhodium reached long-term highs on fund buying and bullish sentiment towards platinum group metals, traders and analysts said.
At 3.10pm, platinum was quoted at $1 082,50/oz, up $1,50/oz from its previous close. Earlier on Friday, platinum reached an all-time high of $1 085,50/oz.
“Platinum still looks on target to test $1 100/oz in the coming sessions as investors increase their appetite for metal commodities,” United Kingdom-based TheBullionDesk.com analyst James Moore said.
Palladium — which is largely used in auto catalysts — was quoted at $319,50/oz, up $11,50/oz from its previous close. Earlier on Friday, palladium traded to its highest level since April 2004 of $322,50/oz.
“Yesterday’s break now leaves the way clear for a test of the April 2004 high of $334/oz, although the metal is still struggling against unfavourable fundamentals as supply outpaces demand,” Moore added.
Rhodium was last quoted at $3 520/oz, up from its previous close of $3 400/oz, and the highest level since July 1991.
At 3.10pm, gold was quoted at $571,96/oz, up $3,40/oz from the previous close, with the market awaiting the latest set of United States non-farm payroll figures due at 3.30pm. On Thursday, gold touched $575,15/oz, the highest level since January 1981 when gold fixed at $602,25/oz.
Traders on Friday afternoon would be awaiting the release of the January US non-farm payrolls data, which was expected to be about 220 000, and a deviation away from that number could generate a break from the euro’s current range between $1,20 and $1,22, Moore wrote.
The euro was last quoted at $1,2061 from the unit’s previous close of $1,2087.
Gold could test $582/oz as investors and speculators continue to favour metals as an anti-inflationary and safe-haven hedge, he added. — I-Net Bridge