Platinum decreased the most in nearly 90 days on Thursday while palladium's fall was its largest in 120-plus days, attributable to widening concerns about the slowing pace of the global economic recovery. Both metals' uses include car manufacturing.
"The market is very focused on the weak industrial demand for platinum and palladium at this stage," head of commodities research Walter de Wet of Standard Bank in London told Bloomberg. "It's a lot on the back of the falling equities and liquidation in commodities."
Just before 6 p.m. on Thursday, immediate-delivery platinum fell 3.3 percent to $1,722.70 per ounce after falling 3.8 percent earlier in the day. Palladium lost 6 percent of its value, a $48 loss to $747.50 per ounce after having slipped 6.5 percent earlier. Platinum has lost nearly 3 percent since the beginning of the year while palladium has decreased 6.7 percent.
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