Platinum Hits 10-Year Peak
(MENAFN) The cost of platinum per ounce soared to a decade-high of USD1,352 on Friday, driven by intense market swings linked to international trade disputes, political instability, and ambiguity surrounding the Federal Reserve’s upcoming strategies.
This surge represented platinum’s strongest price since September 2014, an 11-year milestone with a 43 percent climb since January. Later, prices leveled off to about USD1,290 per ounce.
Tightened availability and rising need for the metal fueled the price increases, while doubts regarding US President Donald Trump’s tariff proposals sparked economic anxiety, increasing interest in “safe-haven” investments.
Trump’s initiatives to “save” the US auto industry via import duties also contributed to higher demand for both platinum and palladium—essential components in traditional gasoline-powered vehicles.
Silver values likewise experienced growth amid Trump’s policies and the intensifying global tensions.
The US–China trade conflict and extensive retaliatory tariffs from the US remain key influences on commodity pricing.
Concerns over tariffs also prompted a surge in exports, which in turn drove up shipping costs.
An unexpected factor impacting investor outlook was Trump’s public dispute with technology mogul and “the world’s richest person,” Elon Musk.
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