Platinum slides to five-year low

Platinum sank to the lowest level since 2009, extending the first quarterly loss this year, on concern demand for the metal used in pollution-control devices in cars may be faltering. Gold fell toward a nine-month low. The metal for immediate delivery declined as much as 1.7 per cent to $1,278.88 an ounce, the lowest price since Oct. 5, 2009, extending a retreat from a 10-month high of $1,519.68 in July. It traded at $1,281.37 by 2:55 p.m. in Singapore, according to Bloomberg generic pricing. Gold slid as much as 0.3 per cent to $1,204.75 after dropping yesterday to $1,204.57, the lowest since Jan. 2. Platinum fell 6.5 per cent this year as the dollar rose and output in South Africa resumed after a strike. In Europe, which accounts for 25 per cent of global demand, car sales grew at the slowest pace this year in August, while data today showed Japan’s auto sales extended declines in September. Investors reduced net-long positions for a third week to the lowest this year in the week ended Sept. 23, according to businessweek.com