Platinum dropped to the lowest in more than a week in London, falling below the price of gold for the first time since April 2013, on concern that slowing economic growth will curb demand.
Platinum is mostly used for automotive catalytic converters, with industry accounting for more than 50 percent of usage, according to Johnson Matthey Plc. That compares with about 10 percent for gold, which reached an almost five-week high yesterday as investors sought a haven and after the Federal Reserve indicated a worldwide economic slowdown may delay interest-rate increases.
Platinum slipped about 17 percent since mid-July, partly after a South African mine strike that deepened a third straight supply shortage ended. Prices have also retreated on concern slowing economic growth in Europe will reduce demand. Gold had erased gains for this year earlier this month as signs of an improving U.S. economy boosted the case for less U.S. stimulus, strengthening the dollar and curbing precious metals’ appeal.
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