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Platinum Prices Surge Following Russia's Attack on Ukraine
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Precious metal prices are attracting investors amid high inflation in the United States (US) and the Russian invasion of Ukraine, which has triggered anxieties in the global financial market.
Amidst the high uncertainty in the financial market, precious metals, both gold and platinum, have become an alternative investment. Precious metals are considered a safe asset to park funds during threats of high inflation.
Based on Yahoo Finance data, the price of platinum was traded at US$ 1,183.3 per troy ounce (oz) in Asian trading on Wednesday (9/3/2022) until 12:30 WIB. This price increased by 2.67% from the previous day's closing.
Since January 19, 2022, platinum has been traded above US$ 1,000 per oz. Compared to the end of last year, the price of platinum has increased by 22.69% (Year to Date/YTD). Compared to March 9, 2021, the price of this white gold has only increased slightly by 0.78% (Year on Year/YoY).
When Russia attacked Ukraine (2/24/2022), the price of platinum was still at US$ 1,060.4 per troy ounce. However, the price of white gold has now increased by more than 11%.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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