Platinum Extends Surge to Highest Since 2021 as Market Tightens

Platinum extended its surge as the market for the precious metal strains under signs of severe tightness.

Spot prices jumped as much as 4.6%, following last week’s 10% increase, to trade above $1,200 an ounce, the highest level since May 2021. The implied cost of borrowing the precious metal for one month peaked in data going back six years, while holdings in platinum-backed exchange-traded funds reached a 10-month high.