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An increase in the global platinum deficit is expected this year

An increase in the global platinum deficit is expected this year

June 14, 2018


Platinum Guild India expects an increase in the demand for platinum by 25% for the Indian jewelry industry in the current year. Will platinum prices rise?


In the world demand for this metal, the needs of the jewelry industry are 28%. Platinum is used mainly in the production of catalysts for diesel engines of cars. 42% of the global demand is accounted for these purposes. It should be noted that despite the scandal with diesel engines of the German company Volkswagen and the reduction of diesel cars in developed countries, the demand for platinum in the global automotive industry grew by 2% in 2017. The GFMS agency forecasts an increase in the world platinum deficit in the current year for the fifth consecutive year - up to 280 thousand ounces from 53 thousand ounces last year. The main reason for this may be the reduction in its world production by 2.5% because of the problems with mining companies in South Africa. On Wednesday, June 13, 2018, the US Fed meeting will take place, during which a rate hike to 2% from its present level of 1.75% is expected. Market participants believe that after this, the American regulator will pause the tightening of the monetary policy. Fed comments can affect the dynamics of precious metals.


Source: https://www.fxstreet.com/ana