Platinum prices rise to the highest level in over a decade amid growing demand

Platinum prices rose during Thursday’s trading to their highest levels since 2014, supported by supply shortage concerns amid growing demand.

Spot platinum increased by 3.1% to $1,397.3 per ounce as of 2:07 p.m. Mecca time, surpassing its highest level since September 2014 at $1,391.9.

Justin Lin, an analyst at Global X ETFs, stated that the recent surge in investment demand in China has refocused attention on the supply deficit in the platinum market, according to Bloomberg.

According to a report by CCTV Finance, the Shuibei market in Shenzhen, China, is witnessing strong demand from jewelry traders across the country for platinum pieces. This trend is driven by record-high gold prices, prompting consumers to seek more affordable alternatives