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Monday, 1st August 2005 (4753 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.<br/><br/>This rise is the metal's highest since April 14 2004, when it peaked at $944.50 per ounce. <br/><br/>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."<br/><br/>Another important factor that contributed to the rise in price was China's revaluation of the yuan.<br/><br/>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.<br/><br/>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.<br/><br/><br/><br/><br/><br/> <br/><img alt="track" src="http://feeds.directnews.org.uk/feedtrack/dn.gif?feedid=196&itemid=15014397"/>

 

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