Bullish
Platinum hits 11-week high above $1,870 amid weaker US dollar and supply concerns.
Platinum futures surged above $1,870 per ounce, reaching an 11-week high, driven by a weaker US dollar and renewed demand for precious metals. The US dollar faced pressure due to concerns over the fiscal outlook and skepticism about the Treasury's expanded bond-buyback program, which investors viewed as unlikely to provide a lasting solution to elevated borrowing costs. Additionally, persistent supply deficits and low inventories, particularly in South Africa, continued to support platinum prices.
Key points
- Platinum futures climbed above $1,870 an ounce, hitting an 11-week high.
- Weaker US dollar and renewed demand for precious metals lifted the market.
- Persistent supply deficits and low inventories, particularly in South Africa, continued to support platinum prices.
Sources
AI-generated from public news sources. Not financial advice.
