Platinum is the Metal to Watch

Platinum prices traded at their highest level in more than six years amid improving industrial demand and ongoing interest from investors, who are betting that the precious metal will play a key role in the transition to cleaner energy.

Last week, platinum traded as high as $1,281.40 an ounce, the highest level since Jan. 2015. Since then, platinum has slipped, and gold dropped as a rebounding dollar curbed the appeal of precious metals.

Despite the slip, Platinum is the metal to watch. The metal has climbed around 20% so far this year, outperforming all its peers, on signs that an economic recovery from the pandemic is set to boost demand for the metal used in catalytic converters.

Increasingly, Platinum is being viewed as a bet on a greener economic recovery from the pandemic. Europe, China and the US are all tightening emissions standards this year, boosting demand for platinum-group metals. Platinum’s green credentials are also burnished by its use in the hydrogen economy, though physical demand from the sector is likely to remain modest in the near future.

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