Platinum quotes renewed a four-year high, surpassing $ 1,150 an ounce. Since the beginning of the year, it has risen in price by more than 8%, significantly outstripping other precious metals. The anticipation of a revival in the global economy, as well as a variety of clean energy programs, is pushing the price of the metal up. According to experts, this year prices may reach $ 1.3-1.4 thousand per ounce.
The global market value of platinum on January 21 has renewed its maximum since August 11, 2016. According to Reuters, quotes rose 3.8% to $ 1,151.5 an ounce. In general, since the beginning of the year, platinum has risen in price by more than 8%, only this week the growth exceeded 7%.
This is happening against the backdrop of less stable movement in gold and silver prices. Thus, the price of gold dropped to $ 17.86 thousand per ounce. Silver quotes were down to $ 25.7 an ounce. Since the beginning of the week, metals have added 2.3% and 4.2%, respectively.
The outstripping growth rates of platinum are associated with expectations of a global economic recovery and the global transition to clean energy. In such conditions, interest in the metal is growing, primarily from the automotive industry - platinum is used as automotive catalysts.
In December, car sales in China rose 6.4% from the same month a year earlier. The past month was the ninth in a row, although its pace slowed down compared to November when car sales in the country grew by 12.6% in annual terms. In 2021, the global automotive market may grow by almost 10%, reaching levels close to pre-crisis levels. In the largest car market in the world - China - car sales are already higher than in 2019.
The country's statistics office said the mining industry cut production in November by 11.6% compared to the same month in 2019. The indicator has been declining for nine months in a row, with the rate of decline being the fastest since June. Platinum group metals (platinum, palladium, and rhodium) output decreased by 16.1%. "The recovery of the jewelry industry around the world is of no small importance for the market, which also spurs up prices for platinum," says Merkulov, director of the analytical department at Freedom Finance.
There is a growing interest in investing in platinum from professional investors. Total assets of platinum ETFs rose 1.8 tonnes in three weeks to 121.5 tonnes, a new all-time high, according to Bloomberg
. Over the past three months, the assets of such funds have grown by almost 8%.