Platinum Today released its August 2013 Price Report, commenting that platinum began the month at $1,439 per ounce before concerns about Syria brought it above $1,550 in Asian trading in late August. The metal ultimately ended the month at $1,521 following positive GDP growth in the United States.
As quoted in the market news:
The platinum price broke above $1,550 in Asian trading on the 27th in response to a strong statement by US Secretary of State John Kerry, reacting to alleged use of chemical weapons by the Syrian government on its own people. The implications for potential military action against the regime had an immediate impact on investors, whose initial response was to sell equities and put their money into safe haven commodities. Gold broke through the $1,400 level and platinum followed the move up, albeit not as forcefully. However, with industrial relations in South Africa relatively calm, platinum’s brief rally ran out of steam. Positive GDP growth in the USA reported on the 29th encouraged investors to think that the Fed would cut back on quantitative easing; the dollar strengthened and gold gave up some of the week’s gains, further undermining bullishness towards platinum. The House of Commons vote not to support military intervention in Syria may have eased investor alarm to some extent too; platinum ended the month in London at $1,521.