Platinum prices averaged lower in August relative to July. Platinum prices averaged USD 925 per troy ounce in August, down 2.3% from July’s price but 1.8% higher year on year. Meanwhile, on 31 August, platinum closed the day at USD 980 per troy ounce, 3.3% higher month on month.
Average prices of platinum likely fell in August due to reduced supply disruptions in top producer South Africa stemming from increased electricity availability. The positive production outlook from two of South Africa’s top producers—Impala Platinum and Northam Platinum—for the remainder of the year likely further pushed down the metal’s price. From an investment perspective, a rise in U.S. Treasury yields likely tempered investor demand by making platinum comparatively less attractive as an asset. A stronger dollar further contributed to the price decrease, as it made dollar-denominated assets like platinum less affordable for international investors.
Platinum LME (prices in US$/toz, aop)
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