As investors weighed platinum's industrial demand against the direction of Federal Reserve policies, platinum prices fell back to around $1,000 per ounce after reaching a peak of $1,030 per ounce on July 5.
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- China Influence: China's manufacturing activity has contracted for two consecutive months, indicating weaker demand.
- Electric Vehicles: The electric vehicle market is reducing its reliance on platinum for internal combustion engine catalytic converters.
Platinum Prices: Despite these challenges, expectations of a potential Fed rate cut in September help support platinum prices.
Other Precious Metals:
- Gold: Fell to $2,360 per ounce.
- Silver: Rebounded to approximately $31 per ounce, recovering lost ground.
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