“After reaching record high levels in late January and falling around 27% shortly thereafter, platinum prices staged a recovery during February. By the end of February, platinum prices had retraced roughly 40% of their late January losses. While platinum prices are not testing record high levels remain at historically elevated levels and overall, the uptrend in platinum prices is still in place.
There are numerous factors that are collectively working on keeping platinum prices elevated. Though the platinum market is not in a deficit, the supply and demand balance for the market is tight, which is one of the most important factors supporting platinum prices. In addition to this, tightening emissions standards in the European, Chinese, and Indian markets this year, the general strength in precious metals markets, the European Union’s decision to reverse its ban on internal combustion engines, and ongoing mine supply concerns are all factors that have been supporting platinum prices.”
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