The price of platinum jumped 24% during the first five months of 1988, from $469.30(US) per oz in January to $615.70 on May 31.
Strong demand from Japan for jewelry and investment purposes combined with higher than expected industrial demand worldwide and possible concerns about renewed inflation in the U.S. sparked the increase, reports Platinum Guild International in the U.S.
The organization surveyed precious metals experts and found them bullish about the metal’s future outlook. An important factor affecting platinum’s price is the continued demand for the metal from overseas.
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