Platinum futures traded below $1000 per troy ounce in fourth week of November, the lowest since early October, tracking a general fall in prices of precious metals as the dollar rallied after Fed Chair Powell was nominated for a second term, a sign the central bank will continue its tightening plans. Elsewhere, Chalice Mining made its best platinum discovery in Western Australia’s Gonneville deposit, with official estimates of a USD 3 billion pre-revenue market capitalization. On the corporate front, Northam Platinum Holdings announced a ZAR 17 billion deal to secure a one-third stake in Royal Bafokeng Platinum.
Historically, Platinum reached an all time high of 2290 in March of 2008. Platinum - data, forecasts, historical chart - was last updated on November of 2021.
Platinum is expected to trade at 930.44 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 863.18 in 12 months time.