Member of the LBMA
Independent Authority for precious metals
UK unemployment rose to a rate of 5.1% at the end of 2020, the highest it has been since 2016. Despite some signs of improvement, employment remains a key risk to the UK’s economic recovery, and analysts are warning things will get worse in the coming months as wage subsidy schemes come to an end.
Sterling is continuing to rise against both the Dollar and Euro this week, and reached a 34-month high against the Dollar, putting additional pressure on metal prices here in the UK.
The Pound was trading as high as $1.39498 so far this week, a price last seen in April 2018, and marks the continuation of an impressive rally for Sterling in the past year.
The price of platinum has today hit a peak of £925.02 per ounce; the highest the precious metal has been since September 2013.
Platinum has gained £128.51 per ounce so far this month (16.40%) but around £110 of those gains have come in the past week, with several factors driving the latest platinum price surge.
Silver demand soared last week as a stock market battle spilled over to the precious metal, driving prices up in a short-lived spike, and stripping dealers of physical stock.
Confusion over the co-ordinated “silver squeeze” has seen prices fall back from last week’s peaks, but are still up for the month, and demand remains high.
