Analysts slash platinum and palladium forecasts amid global slowdown.
Analysts and traders have sharply lowered their price forecasts for platinum and palladium as a global economic slowdown reduces demand, aBoth metals are used primarily by auto makers, which embed them in engine exhausts to reduce emissions. Platinum is also used in other industries, jewellery, and for investment.Platinum prices have fallen from a 9-month high of $1,179.81 an ounce in March to around $900 and palladium from a record high of $3,440.76 an ounce in March to around $2,100.
Prices surged early in 2022 as the in Ukraine raised the threat that sanctions would cut supply from Russia, a major producer. “Sustained weakness in the auto sector is weighing on platinum autocatalyst demand jewellery demand is suffering,” said analysts at ANZ bank.
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