Monday, 1st August 2005 (3317 views)

The price of platinum today rose to a 15 month high, at $902.50 an ounce, driven largely by the growing Chinese demand for the metal.

This rise is the metal's highest since April 14 2004, when it peaked at $944.50 per ounce.

Switzerland-based analyst Andy Maag commented: "The break above $900/oz has been on the radar screen for sometime due to strong demand out of China for the metal."

Another important factor that contributed to the rise in price was China's revaluation of the yuan.

Global investment bank, UBS, has estimated that demand from China for platinum jewellery has risen 9.8 per cent for the year to date, according to Mr Maag.

The analyst expects platinum's value is to continue to grow, with a rise up to $950 an ounce in the coming months, looking likely.

 

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