Platinum Futures Drop
Platinum dropped the most in more than two weeks Thursday after a report showed Europe’s recession deepened more than economists forecast, spurring concern that metal demand will ebb.
Gross domestic product in the euro area fell 0.6 percent in the fourth quarter from the previous three months, the worst performance since the first quarter of 2009. Platinum has climbed 11 percent this year on lower output in South Africa, the world’s biggest producer. On the New York Mercantile Exchange, platinum futures for April delivery fell 1.1 percent to settle at $1,710.90 an ounce. The price reached a 16-month high of $1,744.50 on Feb. 6.