Platinum Poised for Best Month in Year as Gold Drops in January

30/01/2013 08:06 AST

Platinum was poised for the best monthly gain in a year as gold headed for a fourth decline after data from the U.S. to China added to signs of a recovery, paring demand for haven assets. Palladium advanced to a 16-month high.

Spot platinum rose as much as 0.6 percent to $1,688.75 an ounce and traded at $1,688.25 at 12:39 p.m. in Singapore, taking the advance this month to 9.7 percent, the most since January last year. Gold gained 0.1 percent to $1,666.05 an ounce, trimming January’s drop to 0.6 percent, the worst run since May.

Investors are buying platinum at the fastest pace in three years as producers cut output even as data points to faster expansions in the world’s largest economies. Purchases through exchange-traded products rose 9.3 percent this month, the most since January 2010, data compiled by Bloomberg show. In contrast, holdings in gold-backed ETPs are set to shrink for the first time in six months after reaching a record in December.

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Precious Metal Quotes

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Palladium 929 -3 -0.32

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