While the momentum in gold is beginning to slow down, platinum is still running, with a related exchange traded fund recently breaking above its long-term trend line.

The ETFS Physical Platinum Shares (NYSEArca: PPLT) is up 3.2% over the past week and 6.4% over the past month, trading 1.5% above its 200-day simple moving average. Meanwhile, the platinum spot price is now hovering around $968.3 per ounce.

Investment demand has supported the recent gains.

“Investor demand for platinum is picking up – the metal has reached a 4-month high, and global physically backed platinum ETF holdings are up 6% year to date,” Maxwell Gold, director of investment strategy at ETF Securities, said in a note.

The move is surprising given the falling industrial demand for platinum, notably slowing global auto sales and negative diesel sentiment. Platinum is a major component in catalytic converters for diesel engines to help reduce toxic pollutants in exhaust gas.

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