Yellow metal has weakest performance among precious metals.
Platinum was the top performing precious metal in 2012 outperforming gold with a yearly gain of nearly 10%.
According to Platinum Investing News, platinum’s growth is believed to be due to investment demand rather than demand from the jewellery industry. The metal managed to outperform gold, which ended 2012 with an annual gain of 7.1%.
With a view to investments, platinum ETFs increased by more than 16% last year, with a surge in demand in Q3.
The platinum price ended on a four-month low at £1,523 (£955) an ounce at the close of December 2012, but it has broken the $1,600 (£1,003) mark already in 2013.
At Johnson Matthey’s interim review of platinum group metals in November last year, platinum demand from the trade in China was forecast to reach 1.92 million ounces by the end of 2012, driven by lower average platinum prices and an increase in the manufacturing of platinum jewellery.
Johnson Matthey offered that gross platinum demand is expected to grow “modestly” in 2013, but supplies will remain sluggish owing to the South African mining strikes and the potential restructuring of its platinum industry.