Spot Platinum jumps $17 to $1,378 On Demand Prospects
New York (December 27, 2013) Platinum group metals continued gainig Friday on optimism about demand prospects, traders say. One says that bargain hunting has emerged in Asia during the last couple of days, boosting prices at a time when Western markets are thin during the period between Christmas and New Year’s Day. A weakening U.S. dollar is adding to the moves. George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures, added that PGMs are also benefitting from optimism about demand from car manufacturers for use in auto catalysts, as well as the needs of the oil industry, which uses platinum to separate oil into heating oil and gasoline.
On the close spot platinum was up $17 to $1,378, as palladium rose $10 to $711, while silver tacked on 22 cents to $20.06.