Power cuts, war, and hybrid cars are predicted to cause a platinum price surge in 2023
Publishing timestamp: 2023-03-15 02:59:34
Summary
The price of platinum is expected to surge this year due to factors such as power cuts in South Africa, war in Ukraine, and increased production of hybrid cars. Investment bank UBS has readjusted its price forecast for platinum in 2023, estimating that the precious metal will cost $1150 per ounce for June and will reach $1200 per ounce in December. The World Platinum Investment Council predicts a "deeper-than-expected" global deficit of platinum in 2023 as demand soars and supply struggles to keep up. Platinum is becoming increasingly important in new cars, with the precious metal replacing pricier palladium in catalytic converters.
Sentiment: POSITIVE
Tickers: @PL.1,
Keywords: business news, investment strategy, world markets, metals and minerals industry, platinum (apr'23),