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Platinum Continues to Climb

Platinum was fixed at a 24-year high

Platinum was fixed at a 24-year high of $937 an ounce in London, due to speculative fund buying of the metal on the back of its strong fundamentals, according to Business Day report.
Spot platinum was quoted at $934/oz, up $12.50/oz from Friday's New York close of $921.50/oz.

"Platinum continues to climb, as demand for the metal isn't being met by supply. Platinum is likely to reach $1,000/oz in the future," said Switzerland-based MKS Finance trader Frederic Panizzutti.

Platinum, used mainly in jewellery and auto catalysts, is supported by its strong fundamentals with demand continuing to exceed supply for the sixth consecutive year.

The spot gold price rose above $405 a troy ounce, due to the strong euro against the dollar and lessening of the very large gold long position on the New York Mercantile Exchange's Commodity Exchange or Comex.
Gold was quoted at $405.40/oz, up $4.90/oz or 1.2% from Friday's New York close of $400.50/oz, while the euro was quoted at $1.2054, up $0.0037 from late New York trade on Friday of $1.2017.

"Gold is higher on the weaker dollar as well as physical buying, which is very strong. The next target for bullion is $408/oz followed then by $412/oz," MKS Finance's Panizzutti said.