13 Apr 2009

Jakarta, Financeroll.com - Platinum advanced for a fifth day to the highest in more than six months as a rally in equity markets and rising auto sales in China increased speculation that demand may gain. Gold climbed for a second day.

Asian stocks rose after posting the fifth straight weekly gain, the longest streak since February 2007, after Japan proposed a $153 billion stimulus package. China’s passenger car sales reached a record in March, boosting demand prospects for platinum and palladium used in catalyst converters for vehicle pollution-control devices.

Platinum is underpinned by strong car sales in China and recent rallies in global equity markets. Platinum was also supported by speculation that a potential new exchange-traded fund will increase demand.

Platinum for immediate delivery advanced as much as 2.9 percent to $1,246.75 an ounce. Platinum gained 33 percent this year. Palladium for immediate delivery was up 1.4 percent at $238.50 an ounce, taking its gain this year to 28 percent.

Platinum for February delivery rose as much as 2.7 percent to 4,032 yen per gram. Gold for February delivery gained 0.5 percent to 2,883 yen per gram.

Gold for immediate delivery added 0.8 percent to $888.99 an ounce. Silver rose 1.3 percent to $12.525 an ounce.