Precious metals and their exchange traded notes (ETNs) have seen some hard times these past months with platinum being the hardest hit.
Investor concern over the effects of global economic downturn cut demand for platinum used in jewelry and auto catalysts, writes Jae Hur for Bloomberg.
Platinum dropped to a one-week low with immediate-delivery platinum losing as much as 3% to $793.50 an ounce. October-delivery platinum fell 7.3%, closing at $799 an ounce.
Since platinum futures in New York reached historic high of $2,286 an ounce in March, more than double gold’s historic high of $1,003 an ounce, platinum has plummeted 64% while gold has dropped 28%, according to Moming Zhou for MarketWatch.
Platinum contracts for January delivery closed at $827.10 Monday while gold for December delivery ended at $726.80 an ounce.