Price of exotic white metal -platinum gets a new shine ,that closes in on 25-year high. Prices of all precious metals Have escalated sharply since September. Spot prices of platinum in Europe was quoted in the range of $940 an ounce. Gold is still trading in the $478 range in the international markets with no signs of a slow down. Like platinum ,another white metal -silver- is also trading as high as $7.8 an ounce. Indian Platinum market is very small compared to gold and silver. However, it is often preferred as this metal is lighter than traditional gold and is a substitute for palladium. A high platinum price is not hurting the local traders ,as they are more concerned with the soaring gold price. Local associations like the Bullion Association feel that despite high price, the stock position of both gold and silver in India is very high and can meet the festive demand. However trade volumes have dipped due to high costs. Like many coutries, India shadows the global price movement in all precious metals. A look at the investment pattern In global market may augur well for local traders. Dir. Commtrendz Risk Management Services ,said"Chances Are that prices may remain high in both markets in coming months," In major foreign investment hubs like New York ,Tokyo and London buying pressures from major funds are increasing. With festivals and the marriage season on the anvil ,many feel that higher demand from India can only fuel an already high price. Paul Walker,CEO ,GFMS(Global Business Consultancy Firm) said that gold may hit $500 an ounce,while platinum can hit $1,000. He said" Currently India accounts for 18-20% of global gold demand but in the first half of this year the country clocked 29% of the total trade. "
Posted On : 10/13/2005 5:23:32 PM