Platinum Draws Investors as Gold Rally Stalls

Platinum Draws Investors as Gold Rally Stalls

Disruptions caused by the pandemic are expected to lead to the largest shortage of platinum on record

Platinum is attracting renewed interest as a global push for cleaner energy and waning demand for gold promise to lift demand for the metal.

The price of platinum has rallied 14% so far, despite edging down 0.5% on Friday to $964.80 a troy ounce.

President-elect Joe Biden’s pledge to spend $2 trillion on green energy has driven up platinum prices in recent weeks, said Kirill Kirilenko, a precious-metals analyst at CRU Group.

The metal, which has industrial uses as well as demand from investors, stands to benefit in the long term from a global push toward renewable sources of energy, he said.

Meanwhile, gold has wavered this month as promising results from Covid-19…