Platinum Almost Hits 13 Year High

chartplatinumInvesting.com reported that platinum prices drew close to a 13 year high today, gaining 0.27 percent to trade at $1493.75.

Platinum and palladium group metals continued to benefit from concerns over the supply situation in South Africa, which recently witnessed a long strike that ended late last month but other smaller strikes have since broken out, burnishing supply fears.

Stronger U.S. auto sales also seems to be driving up platinum prices as higher demand in the future is sure to create additional supply shortages.

In other precious metals news:

Gold prices advanced on Tuesday, posting modest gains in Asia after falling in the previous session, as bargain hunters snapped up the yellow metal yet fears of a possible earlier-than-expected hike in U.S. interest rate will likely keep a lid on prices. As of 11:38 GMT +3, spot gold traded at $1,318.83 up by 0.20 percent or 2.65 points after opening at $1,319.70. Gold so far hit session high at $1.320.15 and low at $1,316.64.

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