Platinum headed for the biggest weekly gain in more than two years as its wide discount to palladium stokes investor interest, while traders weigh the potential impact of strike issues in South Africa, the largest producer.
Used in autocatalysts of diesel engines and jewelry, the metal is seeing a rebound after trading near its cheapest ever relative to palladium as it tumbled 14 percent in 2018. Holdings of exchange-traded funds backed by platinum have surged this year to reach a record.
Spot platinum -0.5% to $894.18/oz at 6:44am in London; price earlier touched $900.20, highest level since June.
Spot gold -0.2% to $1,289.08/oz; -0.3% this week to head for second weekly drop.
Source : Bloomberg