As the Palladium price continues its upward trend, Platinum seems to be losing steam once again. According to Commerzbank’s analyst Barbara Lambrecht, Platinum slipped below USD 950 per troy ounce yesterday.
Platinum Market Analysis
Despite a slight increase in new car registrations in Europe, the overall mood remains subdued. In July, only a 0.2% increase in car registrations was recorded compared to the previous year. However, the first seven months saw an increase of nearly 4%.
On a positive note, sales of hybrid vehicles, which use Platinum, are on the rise. The World Platinum Investment Council reports a growth of over 25%, surpassing the average growth rate for the first half of the year.
Financial Implications
Investors should keep a close eye on the Platinum market as it faces challenges amidst the ongoing rise in Palladium prices. With Platinum slipping below the $950 mark, it may present buying opportunities for those looking to invest in precious metals.
Furthermore, the increasing use of Platinum in hybrid vehicles indicates a growing demand for the metal, which could potentially drive prices higher in the future.