Platinum climbed to a two-week high in Asia after the metal traded at its lowest level in a month relative to gold, prompting investors to buy the white metal and sell the yellow one. Platinum traded at 1.2614 times the price of gold yesterday, the lowest ratio since Sept. 2. The ratio, which averaged 1.78 times last year and peaked at 2.382 times, reached a high of 1.3923 in May this year, according to Bloomberg calculations. The relative small price difference between the two metals “is helping to support” platinum prices, said Jonathan Barratt, managing director at Commodity Broking Services Pty in Sydney. “I would expect some follow-through on platinum group metals in the next 24 hours.” Platinum for immediate delivery rose as much as 1.9 percent to $1,339 an ounce, the highest price since Sept. 23, and last traded at $1,337 at 2:36 p.m. in Singapore. Gold fell as much as 0.5 percent today, after reaching a record $1,043.78 an ounce yesterday. “It is not racing ahead,” said Barratt, referring to platinum. “It is still under priced.” Palladium gained as much as 2.3 percent to $315 an ounce, the highest since Aug. 14, 2008, as the dollar weakened and equities rose. It traded at $314.50 at 2:43 p.m. in Singapore. Asian stocks today extended a global rally on speculation third-quarter earnings will top estimates and growing optimism the global economy is recovering. A “riskier” market like palladium would gain as appetite for higher-risk investments improves, according to Credit Suisse Group analyst Stefan Graber. “The break of the $300 mark spurred further buying,” he said. To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net

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