Platinum is already giving up some of its August gains – Commerzbank

While the Palladium price continued to extend its gains in August, Platinum seems to have run out of steam again: yesterday, Platinum slipped below USD 950 per troy ounce, Commerzbank’s analyst Barbara Lambrecht notes.

Platinum runs out of steam again

“At first glance, the new car registration figures in Europe did little to lift the mood. In July, just 0.2% more cars were registered than in the previous year. In the first seven months as a whole, however, the increase was just under 4%.”

“On a positive note, sales of hybrid vehicles, in which Platinum is increasingly being used according to the World Platinum Investment Council, continued to grow: Growth here was a good 25%, which is even slightly higher than the average growth rate for the first half of the year.”