Platinum Jumps to Highest Since 2014 on Mounting Supply Concerns

Platinum climbed to the highest level since 2014 as supply concerns and a wave of speculative buying led by the US and China jolted the market.

The precious metal surged as much as 4.6%, while palladium gained more than 6% to reach the highest since November. The dominant platinum spot market in London and Zurich has shown signs of tightness for months, after approximately half a million ounces surged into US warehouses, spurred by a lucrative arbitrage and fear of tariffs.

“The market is completely wrong-footed because everybody expected there to be a drag on demand resulting from these tariffs,” ...