Platinum surged to a new 10-year high on Thursday, jumping 4.45% to $1,414.75 per ounce amid persistent supply deficits and growing industrial and investment demand. The metal was up 55% for the year and 39% over the past 12 months.
Geopolitical uncertainty, potential tariff actions under US President Donald Trump, and recent reports that the president is considering removing Fed Chair Jerome Powell may further increase the metal's appeal as a hedge against risks. This is happening at a time when the dollar is dropping to three-year lows during this session.
As of 11:00 am CET, other metals also showed gains, with gold rising 0.47% to $3,347.97 per ounce, silver increasing 1.52% to $36.81, and palladium climbing 4.06% to $1,091.18.
