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This is your Platinum podcast.
Hey everyone, welcome to another episode of Daily Platinum Price Tracker with Vanessa Clark. I'm your host Vanessa, and today we're diving into the latest on platinum – the shiny metal powering everything from car catalysts to life-saving cancer drugs.
Right now, as of this morning, platinum is trading at $1,962 per ounce, down $18 or about 0.91% from yesterday, according to Kitco's live spot chart. The ask price sits at $1,972, with the day's range hovering around those levels. No big swings over the weekend, but keep an eye on Monday's open.
What's driving this? The abrdn Physical Platinum Shares ETF is under pressure from high interest rates, a strong US dollar, and sector volatility. Unlike gold, platinum ties closely to industrial demand, making it sensitive to economic shifts. High bond yields make non-yielding metals like platinum less appealing, and speculators are watching closely with bets up slightly to 51.9% net long.
On the demand side, big news from India: Platinum prices skyrocketed earlier this year, nearly doubling to around 8,000 rupees per gram by February, now stabilizing at 5,900 to 6,500 rupees. This is squeezing cancer drug makers producing chemo meds like carboplatin and cisplatin. They're pushing for a 50% price hike from regulators because old price caps from 2013 can't cover costs anymore. India's pharma sector, growing 7-9% this year, highlights how platinum's industrial role hits real-world supply chains.
Forecasts are mixed but optimistic short-term: Analysts see potential for a 67% rise in three months, targeting up to $2,520 per ounce. Support levels around $1,376 could hold if it dips.
Tip for listeners: If you're trading or investing, watch Fed rate moves and dollar strength – they could push platinum lower short-term. For physical buyers, check bid-ask spreads as they widen in volatility.
That's your platinum update – stay tuned for tomorrow's prices. Thanks for listening, best friends – subscribe, share, and tune in next time!
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This content was created in partnership and with the help of Artificial Intelligence AI.