The price of platinum on Thursday surged to an all-time high of $1 086 an ounce, eclipsing its previous all- time best of $1 085/oz established on February 3, on the back of gains in gold and silver, analysts said.
At 12.45pm, platinum was quoted at $1 086/oz, up $16/oz from the previous close.
The platinum group metals (PGMs) tracked higher on Thursday in the wake of gains seen in gold and silver, London-based UBS analysts wrote.
At about noon on Thursday, gold climbed above $580/oz for the first time since January 1980, while silver climbed to a multi-year high of $11,50/oz.
Gold was last quoted at $577,63/oz, up $4,22/oz from Wednesday’s close, while silver last traded at $11,44/oz, up $0,28/oz from the previous close.
Platinum is mainly used in the manufacture of auto catalysts and jewellery.
Among the rest of the PGMs, palladium was last quoted at $349/oz, up $16,50/oz from Wednesday’s finish, and the metal’s highest level since June 2002.
Rhodium last traded at $4 190/oz, off its recent high of $4 350/oz, which was the metal’s highest level since May 1991.
Palladium and rhodium are largely used for auto catalysts. — I-Net Bridge