Platinum Price OutlookPlatinum prices continued to fall over the last month, dropping sharply to a 14-year low on 19 July. On 3 August, platinum traded at USD 832 per troy ounce. The print was 0.7% lower than on the same day last month, and was down 11.2% on a year-to-date basis. Moreover, the price was 13.0% lower than on the same day in 2017. The recent drop in platinum prices came amid the United States’ latest plans to impose tariffs on additional Chinese goods worth USD 200 billion in the intensifying tit-for-tat trade war between the two countries. As the list of products includes metals, this led to a marked downturn in the metals markets, including a huge sell-off in precious metals. Platinum—a critical component in catalytic converters and an essential input in the chemicals industry—was hit due to its industrial usage exposure. A strengthening dollar amid the escalating trade rift has also reduced safe-haven inflows, exerting downward pressure on prices. On the supply side, Impala Platinum Holdings Ltd., the world’s second-largest platinum miner, stated on 2 August that it would be reducing production, closing several mines, and cutting jobs as part of a major restructuring plan to cope with the high maintenance costs. Lower prices, emanating from a persistent supply surplus, have led to reduced capital expenditure in the mines and hit production hard.
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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