Platinum futures dropped to a five-year low on signs that European demand is faltering for the metal used in pollution-control devices in cars. Gold rebounded from an eight-month low.
In September, platinum in tumbled 8.7 percent, the most in more than two years, while a manufacturing gauge for Germany, Europe’s largest economy, slid to a 15-month low, data showed today. Italy’s government cut its growth forecast for 2014 and 2015.
In the third quarter, platinum fell 12 percent, the most in more than a year, amid signs of slowing economic growth in Europe. The region accounts for 25 percent of global demand. Holdings in exchange-traded products backed by the metal are close to a four-month low, and money managers cut their bullish wagers for three straight weeks, the longest streak in 2014.
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