Platinum prices have reached a new 17-year high

Platinum prices are rising on Thursday, December 18, reaching multi-year highs on expectations of monetary policy easing in the US and concerns about precious metal shortages.

As reported by BAKU.WS with reference to Trading Economic, platinum futures are climbing by 2% during trading, to $1,978 per troy ounce (approximately 31 g - ed.). This is a record value since 2008. Since the beginning of the year, the precious metal has increased in price by 2.2 times.

Palladium is rising by 3.3% and is trading at $1,777 per ounce, which is a three-year high.

Precious metals received support from increased expectations regarding further rate cuts by the Federal Reserve System (FRS). These expectations were supported by weak labor market data, which indicated an increase in unemployment in November to 4.6% - a four-year high.

Meanwhile, Federal Reserve Board member Christopher Waller stated that he sees potential for further cuts in the base interest rate by the American Central Bank. "I believe that the current rate level is 50 or 100 basis points above neutral, and this means that the Fed has room for further reduction," he said at an event in New York.

Meanwhile, the World Platinum Investment Council (WPIC) expects that the platinum deficit in the global market in 2025 will be 69,200 ounces.

Gold futures on the Comex exchange are declining by 0.3% during trading, to $4,359 per ounce.

Silver is cheapening by 0.7%, to $66.5 per ounce.

Gold and silver remain near historic highs.