Platinum Rises To $1,152 Per Ounce
May 23 -Platinum rose 0.3 to $1,152.00 an ounce on Friday, up from its quote late on Thursday of $1,148.50, while palladium finished at $231.00 an ounce, with no change from the previous finish as investors looked again toward precious metals as a currency hedge against the falling dollar.
Investors are currently driving prices upwards on platinum, in response to the unstable economy here in the United States, and the continuing lack of growth in most traditional investment options, including stocks, bonds and real estate. As Platinum has a number of uses in both industrial markets and in the production of fine jewellery, it is the potential demand for platinum for within the auto industry that truly gives the precious metal the potential for long-term gains.
Almost 50 percent of the platinum produced today is purchased for use in the manufacturing of environmentally friendly high-efficiency emission reduction automobile-catalytic converters, which are crucial in reducing CO2 emissions. This demand for platinum in this upcoming growth sector could cause it to see future growth as a precious metals commodity.
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Platinum Gains As Gold And Silver Drop
May 21- Gold had it's biggest drop this month in New York, ending a four-day rally, as gains in global equity markets lessened the appeal of precious metals as an alternative asset. Silver also declined, while platinum prices rose. The price of Platinum rose, making a rebound from a drop last week of 3.3 percent, as the improved economic situation fueled investor speculation that their will be an increase in demand for platinum, which is used in pollution-control equipment in motor vehicles.
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