2/10, 11:25 AM (Source: TeleTrader)
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Platinum soars 3% as car makers turn to EV production

The price of platinum increased more than 3% on Wednesday as vehicle manufacturers across the globe focus on electric vehicle output after the Biden administration unveiled its plan to tackle climate change.

The Ford Motor Company is reportedly set to start production of its first fully electric car in Germany, while Nissan pledged to focus on building electric vehicles in the future. Meanwhile, the world's leading EV manufacturer Tesla unveiled it is getting closer to finishing construction of its new research and development (R&D) center in Shanghai, the company's first R&D facility outside the United States.

Platinum jumped 3.02% to trade for $1,218.47 per ounce at 5:21 am ET. The price of palladium advanced 1% to go for $2,347.64 per ounce a minute later, gold added 0.35% to sell for $1,842.52 per ounce at 5:24 am ET, and silver gained 0.41% concurrently, trading at $37.33 per ounce.

Breaking the News / GA