The platinum-gold ratio is at the lowest levels since 1985, and this week the spread between the two metals widened to levels last reached in December last year, said Barclays Capital in a commodities briefing.
According to the British bank, the spread could narrow, but the trend is unlikely to reverse given the current market dynamics. Gold has struggled to move above the upper end of its trading range. Platinum, on the other hand, has been drifting lower over the past month searching for its floor.
The spread between “the two metals can narrow as gold awaits its next catalyst and searches for a floor amid a weaker-than-normal monsoon and weak (Indian rupee), the outlook for platinum remains fragile in the near term. Longer term we maintain the view platinum holds the better fundamental picture,” Barclays concluded.
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