Platinum hit a four-month high on Monday, extending its outperformance to gold after roaring US car sales boosted demand for the key ingredient used in purifying automotive emissions. The spot price of platinum jumped 0.8 percent on the day, reaching above $1,705 an ounce. It has risen more than 10 percent year to date, matching gains from all of 2012.
Platinum's latest rally came after a surge of more than 14 percent year-on-year in US car sales in January. Spot gold rose 0.4 percent on the day, hovering just below $1,674 an ounce. For the year, gold is flat after a 7 percent rise through 2012 that made it a 12th straight year of gains for the shiny metal. Spot silver fell 0.3 percent to $31.70 an ounce.
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