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Platinum Advances to 16-Month High on Supply Woes; Gold Climbs

Platinum rose to a 16-month high on concern that supplies will fall from South Africa, which accounts for about 73 percent of global output. Gold gained.

Holdings in exchange traded-products backed by platinum expanded to a record 51.5 metric tons yesterday, data compiled by Bloomberg show. The platinum-mining industry is in crisis because of strikes and spiraling operating costs, Anglo American Plc Chief Executive Officer Cynthia Carroll said yesterday. China’s central bank said today growth momentum in the world’s second-biggest economy is “relatively strong.”