Platinum Market Peters Out in Longest Losing Streak in 3 Years
- ‘Double trouble’ as demand concerns, dollar gains hit metal
- Prices of gold, silver also headed for weekly losses
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Precious metals declined, with platinum heading for a seventh straight weekly loss, the longest run since 2013, and palladium set to record the worst slump since May.
Investors are losing interest as the popularity of electric cars, which use less platinum and palladium than gasoline-fueled vehicles, threatens demand for the metals used in auto pollution-control devices, according to John Meyer, an analyst at SP Angel Corporate Finance LLP. The strengthening dollar also weighed on prices.