Platinum Breathtaking After Reaching Its Highest Level in Six and a Half Years

Platinum retreated from its highest level in nearly six and a half years, as prices reached a technical resistance level, but expectations that the global economic recovery would fuel demand kept the metal used to stimulate the auto sector supported above $ 1,300 an ounce.

Platinum, which is used in automotive catalytic converters, rose 0.7% to $ 1,312.34 an ounce but fell from a session high of $1,336.50, its best level since September 2014.

Analysts say prices will continue to be supported by supply disruptions in South Africa, a recovery in car sales and tighter emissions regulations.

As for the other precious metals, palladium rose 0.4% to $ 2,396.72, after earlier hitting a month high of $ 2,424.26.

Spot gold rose 0.3% to $ 1822.97 an ounce, as the dollar fell against its rivals.

US gold futures settled at $ 1822.60, while silver gained 0.3% to $ 27.66.

The yellow metal’s gains curbed the rise in US Treasury yields to their highest levels since March.

The minutes of the US Federal Reserve meeting on monetary policy are due to be published on Wednesday.