Platinum is at the peak of 6 years amid bets on a recovery in demand in the auto industry

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Platinum prices continued to rise yesterday, hitting the highest level in more than six years, thanks to enhanced investor expectations that the recovery of the economy would support the demand for the metal used in the auto industry and lead to a shortage of supply.
According to “Reuters”, platinum, which is used by the auto industry to purify engine exhaust emissions from emissions, rose to the highest level since January 2015, recording $ 1285.17 an ounce. It was up 2.1 percent, at $ 1,279.12, by 06:33 GMT.
“The economic recovery game, which includes a recovery in demand for Chinese jewelery in 2021, in light of concerns that the supplies of the South African Republic will remain vulnerable to being affected by Covid-19,” said Nicholas Frapple, General Manager at ABC Bollion “.
As for gold, it fell in immediate transactions 0.2 percent to $ 1820.16 an ounce, as US Treasury yields jumped to a peak of about 11 months last Friday. And settled in US gold futures trading at $ 1823.30.
Michael McCarthy, senior market strategist at CMC Markets, said, “The placement of gold as a safe haven does not carry the same luster as it once was, while we are very optimistic about economic growth.”
Silver rose 0.5 percent to $ 27.48 an ounce, and palladium fell 0.1 percent to $ 2385.30.
In addition, the dollar began the week sitting near its lowest level in two weeks yesterday, as traders doubt whether the recovery from the pandemic in the United States will be as fast as expected.
Bitcoin is still volatile, as it fell to the low of $ 45,914.75, a day after reaching a record high of $ 49,714.66.
And the world’s most popular cryptocurrency rose 25 percent last week, driven by support from “Tesla” and “BNY Mellon”.
The dollar index fell 0.1 percent to 90.336, near its lowest level last week at 90.249, a level not seen since January 27th.
The index reached a two-month high of 91.6 on the fifth of February on hopes that the US recovery will outpace the rest of the major economies, but it has since declined in light of disappointing data.
“Now the market is looking for actual proof that the US economy is performing outperforming other economies,” said Shinichiro Kaduta, chief currency strategist at Barclays Capital in Tokyo.
“The economic data needs to be improved,” he added.
The euro rose 0.1 percent to $ 1.21315, extending its 0.6 percent gain last week.
The dollar rose 0.1 percent to 105.04 yen, recovering from some of the previous week’s losses of 0.4 percent.
Many markets in Asia remain closed today for the Lunar New Year, while the United States is also on holiday for Presidents Day.
And the higher risk currencies won against the US currency, as the Australian dollar added 0.3 percent to 77.795 US cents, after earlier touching a one-month high of 77.85.
The pound rose 0.3 percent to $ 1.3895, after hitting again its highest level in nearly three years at $ 1.3901.
The Chinese yuan reached its strongest level since June 2018 at 6.4012 per dollar in overseas market transactions.
In cryptocurrencies, Bitcoin fell in the most recent transactions 3.7 percent to $ 46.852 thousand.
Ethereum, which usually trades in parallel with Bitcoin, fell 4.3 percent to $ 1,725. It reached a record high on Saturday at $ 1,874.98.





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