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Platinum Market Sags on Diesel Worries
Platinum prices have slumped to six-year lows on trader worries that Volkswagen AG's diesel emission test rigging scandal could stunt diesel sales, lowering lower demand for the catalytic material.
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Platinum prices have slumped to six-year lows on trader worries that Volkswagen AG's diesel emission test rigging scandal could stunt diesel sales, lowering lower demand for the catalytic material.
Platinum, which peaked last year at $1,520 per ounce currently is trading at about $945 per ounce. Prices sagged nearly 5% on Monday-Tuesday following last weekend's revelation that VW rigged 11 million of its engines to cheat government emission tests.
Analysts note that a swing in demand from diesels to gasoline engines would hike prices for palladium, the catalyst of choice for the latter powerplants. But some also theorize that platinum demand could rise if government regulators order VW to retrofit its diesels with more powerful catalytic converters.
The catalytic converter in an average diesel car contains between five and six grams of platinum, according to a Bloomberg News report.
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