It was cheaper than gold... How much has platinum jumped to, reaching a 14-year high

Surging platinum... in the $1900 range for the first time in 14 years

Silver price also surpasses $66, hitting a record high

Platinum prices have jumped to their highest level in 14 years. Silver prices have reached an all-time high.

On the 17th at the New York Mercantile Exchange (NYMEX), the platinum price touched $1935 per troy ounce, marking the highest level since 2011. While platinum is often used as a precious metal, more than 70% of the total is used for industrial purposes such as automobile exhaust gas purification catalysts.

Platinum is facing continued supply shortages due to production disruptions in major producing countries South Africa and Russia. As gold prices soared, demand increased in places like China to buy relatively cheaper platinum. Looking only at 2011, the peak prices of gold and platinum were similar at around $1900 per troy ounce, but now the difference is more than double. On that day, the price of gold easily exceeded $4300.

Silver also stands out for its relative price appeal. Silver prices at one point topped $66 and have repeatedly hit record highs. The strength has continued amid rising demand for artificial intelligence (AI) data centers and other uses.

Reporter Park Jong-seo cosmos@hankyung.com