Platinum was also gaining momentum Monday after the precious metal hit a seven-year low last Thursday.
“Platinum prices look increasingly oversold so this rebound may have a chance of running higher. But with the downward trend dominating, that might be expecting a lot. We are still waiting for a catalyst to emerge to change market sentiment,” FastMarkets’ William Adams told thebulliondesk.
The platinum group could find further from the auto industry – platinum is used in automobile catalytic converters to help diminish toxic emissions. For example, China’s push toward better air quality could improve gas emissions standards for cars and increase demand for platinum for catalytic converters.
Meanwhile, the SPDR Gold Shares (NYSEArca: GLD) gained 0.6% as Comex gold futures were up 0.9% to $1,106.1 per ounce.
ETFS Physical Platinum Shares
Max Chen contributed to this article.