Platinum Rises on Safe-Haven Demand

Platinum climbed to around$1,580 per ounce, approaching three-week highs as mounting US economic concerns and expectations of further Federal Reserve rate cuts lifted safe-haven demand for precious metals.

ADP data showed US private employers shedding an average of 11,250 jobs per week in the four weeks ending October 25, painting a bleak picture amid the absence of official data.

Markets now price in about a 68% chance of a 25 bps rate cut in December, up from roughly 62% a day earlier.

Earlier this week, Fed Governor Stephen Miran also called for a larger half-point reduction amid falling inflation and rising unemployment.

Platinum has surged over 70% year-to-date, outperforming gold, supported by tight supply and robust industrial demand.

Meanwhile, China approved registration for platinum and palladium futures and options, taking a key step toward launching derivatives trading for the metals used by automakers and other industries.