Platinum soars past $1,300 an ounce for first time in six years

Platinum surged above $1,300 an ounce for the first time in more than six years on bets that a recovery in industrial demand and stricter emissions rules will tighten supply of the metal. Gold edged lower.

Tougher pollution regulations requiring vehicle makers to use more platinum in catalytic converters are supporting prices, said Margaret Yang, a strategist at DailyFX. Platinum has gained 21 per cent this year, narrowing the steep discount with sister-metal palladium, which was the star performer over the two previous years.

After years of surpluses, Covid-19 mine shutdowns in South Africa saw the platinum market deficit widen to 400,000