Platinum fell by almost 7 percent today, and palladium followed the same pattern, falling by 6 percent, as high fuel prices continue to hamper demand in the auto sector.
Spot platinum fell to $1,644.50/1,664.50 an ounce at 1507 GMT from $1,749.50/1,769.50. Spot palladium fell to $363.50/371.50 an ounce from $379.50/387.50 on Thursday. It dropped to a seven-month low during the day to $356.00.
"Everybody expects car demand to be very low and the higher oil price will dampen it further," said Commerzbank analyst Eugen Weinberg.
It didn't help to hear the news in the industry that all the major auto companies plunged in sales during July. Nissan (NSANY) was able to grow by 8.5 percent, but that was because the $10,000 incentive included to buy its Titan pickup truck.
No comments:
Post a Comment