The week starting 8 December saw a surge in the price of platinum after the dollar weakened.
The precious metal received a stimulus from several quarters especially after the sudden turn in the fortunes of the dollar: as it weakened, platinum prices surged, Johnson Matthey said in a report.
On 8 December platinum was $830/ounce and by Thursday it had reached $848/ounce. However, on Friday it dropped by $23 and reached $ 825/ounce.
The failure of the Bill in the Senate late Thursday deflated the market optimism to some extent and prices slipped back in London on Friday, the report also stated.
Platinum Group Metals (PGM) producer Zimplats has announced that the price level is having a severe effect on profitability and that its short-term survival is seriously threatened.