Bank of America Lifts 2010 Platinum Price Forecast
Source: Reuters (8/6/09)
"Bank of America Merrill Lynch raised its forecast for platinum. . .citing constraints to mine supply."
Prices of the metal XPT=, predominantly used in autocatalysts, tumbled from the all-time high of $2,290 an ounce they hit in March 2008 as car demand slid in response to the economic slowdown.
It fell as low as $732.50 an ounce last October, but has since recovered as demand for platinum jewelry in particular rose in China, bolstering prices.