The spot price of platinum exceeded $2,900 per troy ounce for the first time during trading on Monday amid growing demand for safe-haven assets due to fears of another US government shutdown.
As of 14:28 GMT, platinum was trading at around $2,888 per ounce after hitting a record high above $2,900.
The precious metals market is also being supported by expectations related to the financing of US federal agencies: the federal government is expected to run out of funds on January 31, and investors are assessing the risk that Congress will not approve a new financing package before that date.
Platinum is one of the key industrial metals: it is widely used in catalytic systems to reduce harmful emissions (including in the automotive industry), in petrochemicals and the chemical industry as a catalyst, as well as in the manufacture of electronics and in certain types of hydrogen technologies where corrosion-resistant and high-temperature materials are required.
Earlier, the Experts Club analytical center released a video analysis of the production of platinum group metals by the world’s leading manufacturers for the period 1971-2024, – https://youtube.com/shorts/vj4mBkJVxrg?si=pPTU6_l0t9-iCBb4
