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Platinum at 16-Month Record on Supply Concerns

February 6, 2013 at 17:46 by Vladimir Vyun

Platinum rallied today, reaching the 16-month high, on concerns that supply will fall, while demand is likely to pick up. Gold followed in gains, while silver and palladium retreated.

Anglo American Plc Chief Executive Officer Cynthia Carroll said that the platinum industry is in crisis. Labor unrest in South Africa persists as miners demand higher wages and strikes are threatening to further curb supply of the metal.

At the same time, consumption of the metal will likely increase as China, the second biggest economy in the world, continues to grow. Demand for gold from the Asian nation should also rise. Imports of gold from Hong Kong to mainland China jumped 94 percent to the record of 834.5 metric tons in 2012, up from about 431.22 tons in the previous year.

Spot price for platinum climbed as much as $19.95 (1.17 percent) to $1,730.30 per troy ounce as of 17:39 GMT today. April future for delivery of gold rallied $2.30 (0.14 percent) to 1,675.80 per ounce on COMEX. Meanwhile, March contract for silver lost $0.10 (0.30 percent) to $31.78 per ounce and spot price for palladium retreated $1.37 (0.18 percent) to $764.53 per ounce.

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