| From reuters.co.uk: Platinum tumbled to its lowest level in more than six months on Tuesday, extending a 6-percent drop in the previous session, on fears of falling demand from automakers, while gold hovered below $900 on weaker oil. Platinum prices have taken a dramatic turn since spiking to a record high above $2,000 an ounce in March, losing much of their gains to profit taking and a slowing U.S. economy that threatens to slash demand for autocatalysts.
Spot platinum fell as low as $1,530.00 an ounce, its weakest since late January, before bouncing to $1,541.50/1,561 an ounce on light buying from jewellers -- still down from $1,551.00/1,571.00 late in New York on Monday. "There's a little bit of improvement in demand from the jewellery sector," said Dick Poon, manager of precious metals at Heraeus Ltd in Hong Kong.
But volumes were low with many manufacturers still on summer holiday, said Poon, who pegged the downside at $1,480 an ounce. "It's only a small recovery right now," he said...... Full Article: Source |