Platinum reached its highest levels over two years, while sil
Quick overview
- Platinum reached its highest level in two years at $1,154.73 an ounce, while silver traded just below a 13-year high, indicating growing investor interest in precious metals.
- Spot silver increased to over $36 an ounce for the first time since February 2012, driven by strong demand in India.
- Gold has risen by more than 40% in the last year due to geopolitical uncertainties, while platinum and silver ETFs have seen significant inflows.
- Palladium also gained 1.2% on Friday, reflecting optimism in the precious metals sector.
Platinum reached its highest levels over two years, while silver continued to rise, trading just below a 13-year high.
This trend indicates that investors’ interest in the industrial sector’s use of precious metals is growing. On Friday, spot silver increased after moving 4 to 5 percent the day before, edging above $36 an ounce for the first time since February 2012.
Platinum also climbed, reaching a peak of $1,154.73 an ounce, up as much as 1.2 percent.
Technical momentum across the metals complex and improving fundamentals have contributed to the commodities’ performance.
The rallies were bolstered by strong demand for physical silver in India and a resurgence in platinum demand in China. Gold, typically seen as a haven during periods of geopolitical uncertainty, tends to trade in tandem with silver and often platinum.
Gold has risen by more than 40% in the last 12 months because of increased safety brought about by the US-led tariff war.
Data compiled by Bloomberg shows that holdings in platinum ETFs are beginning to recover, having increased by over 3 percent since mid-May.
Meanwhile, inflows into silver-backed ETFs have steadily risen since February, with holdings increasing by almost 8%.
Palladium gained as much as 1.2 percent on Friday, fueled by growing optimism in the precious metals sector. Gold had increased by 0.5 percent to $3,368.79 an ounce, positioning itself for a weekly gain of about 2.4 percent.
The Bloomberg Dollar Spot Index showed minimal change. Investors in other markets will anticipate a significant US jobs report due later.
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.
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