Platinum prices are rising, hitting multi-year highs on expectations of easing monetary policy in the U.S. and concerns over the precious metal's shortage.
Platinum futures are rising by 2% during trading, reaching $1978 per troy ounce. This is the highest value since 2008, according to Trading Economics. Since the beginning of the year, the precious metal has increased in price by 2.2 times.
Palladium is up 3.3% and is trading at $1777 per ounce, which is a three-year high.
The rise in precious metals has been supported by increased expectations for further cuts in the Federal Reserve's interest rate. These expectations were bolstered by weak labor market data, indicating an increase in unemployment in November to 4.6% - the highest in four years.
Meanwhile, the World Platinum Investment Council (WPIC) expects that the platinum deficit in the global market will reach 69,200 ounces in 2025.
