Platinum Declining To Lowest Level In 6 Years By Volkswagen Scandal
London – Platinum Declining To Lowest Level In 6 Years by Volkswagen Scandal; Platinum fell to its lowest level in six and a half years on Wednesday, with fears of reduced demand from the automotive sector where it is used in the purification of exhaust devices industry.
Platinum has been hit by the news about the involvement of Volkswagen in the use of software deceived US regulators who measure toxic emissions from some of its cars by diesel-powered. Investors believe that this may affect the demand for diesel-powered cars.
Platinum fell to $925.30 an ounce ounce, its lowest level since January 2009, before recovering, recouping some of the losses to rise 0.3 percent to $937.20 by 09:18 GMT.
Gold settled after two days of losses as paid for weak factory activity data in China investors to refrain from risk.
Gold rose 0.2 percent in the spot market to $1126.70 an ounce after a 1.3 percent decline over the previous two sessions with a renewed outlook by the Federal Reserve (Fed) to raise interest rates in the United States for the first time in about ten years at the end of the year.
Silver rose 0.4 percent to $14.78 an ounce and palladium rose 2.3 percent to $619.25 an ounce