Platinum Price OutlookPlatinum prices plummeted over the last month. On 6 October, platinum traded at USD 911 per troy ounce. The print was down 9.9% from the same day last month, but was 1.4% higher on a year-to-date basis. Despite making gains this year, and following substantial falls in Q4 of last year, the price was down 6.4% from the same day in 2016. Behind the price drop was the release of strong U.S. employment data which boosted expectations of another rate hike by the Federal Reserve before year-end, causing a rally in the dollar and reducing safe haven inflows into the precious metal. The fall in prices is expected to be short-lived, however, as tensions between the U.S. and North Korea intensify, following the latter’s intentions to test additional long-range missiles. The closure of several mines in South Africa has squeezed the global platinum supply, with recent reports indicating the possibility of additional closures after leading platinum producer Lonmin failed to comply with local social programs. Moreover, Zimbabwean mining giant Zimplats Holdings Ltd. warned that the government’s new export tax threatens profitability at the Mimosa mine, which could lead to a complete shutdown.
Platinum Price History Data (USD per troy ounce, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Platinum Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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