Platinum prices experienced a decline following the release of weaker-than-expected auto sales data. The spot price of platinum fell by 1.2% to $820 per ounce.

The automotive industry is a significant consumer of platinum, utilizing the metal in the production of catalytic converters, which are essential components for reducing emissions in vehicles. Lower auto sales figures typically translate to reduced demand for platinum, placing downward pressure on its price.

Analysts suggest that the price drop reflects investor concerns about the overall health of the automotive sector and its potential impact on platinum demand. Market participants are closely monitoring economic indicators and industry reports to gauge future trends in both auto sales and platinum prices.

Other precious metals were also affected, but to a lesser extent. Gold remained relatively stable, while silver saw a slight dip.