Platinum bars

Tomohiro Ohsumi | Bloomberg | Getty Images

Platinum prices are trading at their highest level in more than six years amid improving industrial demand and ongoing interest from investors, who are betting that the precious metal will play a key role in the transition to cleaner energy.

On Thursday platinum traded as high as $1,281.40 an ounce, the highest level since Jan. 2015. Prices have since pulled back slightly from that level, but the metal is still on pace to end the week with a double-digit percentage gain. So far this year prices are up more than 16%, but the metal still trades below peers palladium and gold.

With the platinum market posting a deficit in 2020 amid the coronavirus pandemic, the Street is betting the metal, which began to rally in earnest back in November, can continue to climb.

Originally published at CNBC

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