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Demand for Platinum & Natural Gas Increases

December 26, 2013 at 9:45 by Vladimir Vyun

Platinum jumped to the highest level in a week on expectations of increasing demand for the metal used in car manufacturing. Gold traded above the $1,200 level. Consumption of platinum increases as the global economy recovers, while supply cannot keep up with rising demand. This led to the biggest gap between demand and supply since 1999. Unlike gold, platinum benefits from its role as an industrial metal during times of economic growth. Spot price for platinum jumped as much as $12.45 (1.14 percent) to $1,346.75 per troy ounce as of 9:35 GMT today. February futures for delivery of gold rose $1.8 (0.15 percent) to $1,205.1 per ounce on COMEX.

Demand for natural gas increased, leading to rising prices, as forecasters predicted cold weather in the United States at the start of the new year. Lower temperatures mean increasing consumption of heating fuel. Previously, prices declined on forecasts of warmer weather. January futures for natural gas jumped 1.1 percent to $4.465 per million British thermal units in electronic trading on NYMEX.

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