“Negative sentiment on diesel engines continues to hit headlines, but continued supply side slowdown, concerns surrounding Russian sanctions, and drawdowns on existing platinum inventories have boosted prices recently,” Gold said.

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Platinum is currently experiencing its best weekly advance since January after rising for six consecutive sessions as the U.S. imposed further sanctions on Russia, the world’s second-biggest producer, Bloomberg reports. The increased political tension between Russia and America has contributed to the rise in the white metal.

“We currently like the risk-reward for platinum over the next year, and our base-case sees platinum’s fair value near US $1,020/oz as defensive asset demand and global growth may support platinum, despite recent weakness,” Gold added.

For more information on the platinum market, visit our platinum category.