Wall St. woes hit platinum
Platinum has been on a steady downgrade, falling since trading at a record $2,301.50 an ounce in March. A poor economic outlook eroding demand for jewelry and cars is responsible for the metal's flop.
Articles Tagged "prices"
Buying spurred in platinum
A firmer yen against the U.S. dollar spurred buying in platinum ahead of the release of a supply and demand report by refiner Johnson Matthey. For full story, click here
Platinum annual average to be $1,550
Platinum prices will move downward for the rest of 2008 toward $700/oz as industrial demand continues to slump, bringing the annual average to $1,550—which still is higher than the $1,300 average of 2007. For full story, click here
Battered platinum gets some relief
Platinum prices advanced further Tuesday after surging oil prices boosted the precious metal’s appeal as a hedge against inflation. Overall weakness in the dollar, the recovery in equities and fresh optimism over the economic outlook sparked buying of commodities in earlier trade.
Analysts see light at the end of the tunnel for platinum
Platinum plunged to a new low on Tuesday, dropping below $1000 an ounce for the first time since 2006. Platinum dropped $96.00, or 8.8%, to hit $994 on the London Metal Exchange. At its current price platinum is down 57% from its record high of $2301.50 hit on March 4th.
After brief retreat, platinum falls again
Platinum started the week off on a good note, prices rose more than 3 percent as the greenback weakened and a renewed optimism on platinum’s future market returned to analysts.
Platinum continues bearish trend
The continuing rise of the greenback coupled with auto industry woes has hit platinum where it hurts the most- market prices. These two factors are causing platinum to continue on a bearish trend.
Platinum prices decline
Platinum futures for October delivery lost $34.40 to settle at $1,367.80 an ounce on the New York Mercantile Exchange on Friday. For more information, click here
