Platinum Soars As China Considers Relaxing Car Restrictions

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Precious metals traded in the green on Thursday with platinum soaring nearly 3% after China said it is considering relaxing restrictions on auto purchases.

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The country’s State Council outlined 20 measures in order to boost consumption as the protracted trade war with the United States takes its toll on China’s economy. Gold gained 0.08% to $1,541.09 per ounce at 10:09 am ET, while silver jumped 1.13% to for $18.57 for one troy ounce. At the same time, platinum, mostly used in the automotive industry, surged 3.11% to $929.48, while sister metal palladium climbed 0.88% to $1.487.26 per ounce.