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
The rapid growth in the price of gold continues on global markets: December futures prices on the Comex exchange rose to $3,965 per troy ounce on Monday
Against the backdrop of rising gold prices, other precious metals are also becoming more expensive.
Platinum added about 0.8%, rising to $1,085 per ounce, on expectations of reduced supply from South Africa.
Silver strengthened by 1.2%, reaching $32.7 per ounce, following the general increase in interest in precious metals.
According to experts, if political uncertainty in the US and the EU persists, gold could consolidate above the $4,000 mark, with silver and platinum continuing to rise moderately in its wake.
Earlier, the Experts Club analytical center presented an analysis of the world’s leading gold-producing countries in its video on YouTube channel – https://youtube.com/shorts/DWbzJ1e2tJc?si=9YBue5CS6dz-tA6_
