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Platinum Prices Fall to 5-Year Low
Platinum futures have declined to their lowest price in five years on worries that global demand for the metal for automotive catalytic converters could stall, Bloomberg News reports.
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Platinum futures have declined to their lowest price in five years on worries that global demand for the metal for automotive catalytic converters could stall, Bloomberg News reports.
Platinum is at about $1,278 per ounce. Palladium, another noble metal used as a catalyst, is at a six-month low of $763 per ounce.
Bloomberg says traders are especially concerned about signs of softening demand for new cars in Germany and Japan.
The auto industry accounts for about 38% and 68% of the platinum and palladium markets, respectively, according to noble metals producer Johnson Matthey plc.
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