Platinum prices dropped to around $900 per troy ounce, the three-weeks low, on weaker investment demand, as some of geopolitical risks in Middle East have eased. Although Israel retaliated against Iran, the scope of its attack seems to have been limited. Additionally, expectations of delayed Fed interest rate cuts weakened the platinum outlook. The automotive sector provided some cushion against steeper falls thanks to a slower transition from gasoline-powered vehicles to platinum-free electric vehicles. According to fresh data from European Automobile Manufacturers’ Association, sales of battery-powered cars in Europe decreased by 11.3% in March. In the US, the electric vehicle growth also lagged, with EV giant Tesla reporting the first decline in sales in 4 years in q1 of 2024 This trend is likely to continue since the US and UK banned several metals crucial for electric vehicle production for the delivery to exchanges from Russia.
Platinum decreased 62.45 USD/t oz. or 6.33% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Platinum reached an all time high of 2290 in March of 2008. Platinum - data, forecasts, historical chart - was last updated on April 26 of 2024.
Platinum decreased 62.45 USD/t oz. or 6.33% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Platinum is expected to trade at 960.01 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 904.68 in 12 months time.