There is a new momentum in the gold market as the price growth to $1,900 pushes up the value of all precious metals, with platinum and palladium showing strong moves outperforming the entire metal sector. 
Platinum Group Metals are strengthening since the growing geopolitical uncertainty around Ukraine threatens the market supply. However, palladium, which is already in short supply, will suffer the most if restrictions are imposed on the precious metal.
While palladium dominates the precious metals market, platinum's movement is getting a lot of attention. Its prices reached a three-month high.
If the price breaks the November high of $1,111, it will go higher.
Commerzbank precious metals analyst Daniel Briesemann noted that platinum is becoming an ally as weak car sales data are still being observed in Europe, which does not bode well for platinum demand. Platinum is an important metal used to reduce harmful emissions from diesel engines, and Europe is the largest diesel fuel market.
Citing data from the European Automobile Manufacturers Association (ACEA), new car registrations dropped by 6% in January in annual terms.
According to the ACEA report, there is still a shortage of chips. Therefore, the company is not particularly optimistic about this year.
According to Bart Melek, Head of Commodity Strategy at TD Securities, there are no problems with the supply of platinum, unlike palladium.
In addition, Head of Metals Strategy at MKS PAMP SA Nicky Shiels said that platinum's move is due to the fact that the precious metal is catching up with the rest of the market.
