Platinum extends gains near 4-week high
3 years ago

Platinum prices soared today, to extend gains as safe-haven demand surged on precious metals, while the market focus turned to corporate earnings results and next week's Federal Reserve meeting.


The European Central Bank kept interest rates on deposit unchanged at -0.5% yesterday, and announced it will continue the assets purchasing program of €20 billion per month.


US President Donald Trump renewed his criticism of the Fed, demanding it to follow other central banks' policies, including the ECB on rate cuts and monetary stimulus, and added that no doing so is a derelict in its duties.


Which comes ahead of the next Federal Reserve's meeting on Tuesday and Wednesday, amid growing expectations for the third cut during 2019.


Platinum is also expected to benefit from the strong demand on precious metals.


As of 14:14 GMT, platinum spot price rose by 1.6% to $940.2 an ounce, with a session-high of $943 and a low of $926.

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