Tokyo platinum futures rallied to a fresh two-month high on Wednesday on purchases by Japanese retail investors and fund operators that intensified after breaking key resistance with strong fundamentals backing sentiment.
Having seen the key June platinum contract on the Tokyo Commodity Exchange (TOCOM) rise almost 8 percent in about two weeks, retail investors appeared persuaded to build new positions after a break through resistance around 2,900 yen.
Investors chased rallies as TOCOM platinum extended gains despite seeing heavy profit-taking orders around that level.
At 0731 GMT, spot platinum was quoted at $842/$847.
TOCOM gold struggled to extend gains after hitting a three-week high the previous day given the dollar's firmness after the Federal Reserve's credit tightening.
As expected the Fed made its second rate rise in four years on Tuesday, raising the target for its key federal funds rate to 1.50 percent.
"Gold could lose its attraction should the dollar advance further, but traders are unwilling to go short as geopolitical concerns remain," a trader at a Japanese trading house said.
June TOCOM gold contract closed 1 yen lower at 1,418 yen. Other contracts were unchanged to down 1 yen.
Spot gold was quoted at $396.75/7.50 an ounce against $400.50/1.00 in New York on Tuesday.
Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.