Platinum Has a Big Day
Sally Turner | Feb 23, 2012 4:10pm EST | 1min:44sec
Gold climbed to a three-month high today ... thanks to a stronger euro and a weaker dollar. The euro climbed to a 10-week high against the greenback and against the Japanese yen it was at its strongest level since November. One of the main reasons for the stronger euro was a better-than-expected report on German business confidence for February.
Gold prices also got a lift from crude oil ... which was above $120 in European trading and above $107 in U.S. trading.
So far this week ... gold is up more than three percent.
Platinum also continued its rally ... jumping up to a five-month high. It rose towards $1,730 for the first time since September. But the rally in platinum may sputter out pretty soon. That's because most of the demand for platinum comes from China ... which is experiencing a slower and slower rate of growth these days.
Palladium ... which is used in the anti-pollution equipment of cars and trucks ... closed lower today.
