The metal has been hit by last week’s revelations that Volkswagen AG falsified US vehicle emission tests, which some believe could affect demand for diesel cars. Platinum is widely used in autocatalysts, particularly for diesel engines.
Spot platinum was down 0.2 percent at $914.50 an ounce by 2:35 pm EDT, having earlier touched a low of $894. The metal is on track for its biggest monthly loss since May 2012 in September, and its steepest quarterly plunge in seven years.
“There might be some discussions going on, despite the worry about diesel vehicle demand, if the fundamentals really justify the market being around $900,” James Steel, chief metals analyst for HSBC Securities in New York, said of the recovery from the lows.
