The platinum-gold spread – or the difference between the price of gold and platinum – has been narrowing from above $100 a troy ounce.

Spot gold is now at $1,662.80 an ounce and spot platinum at $1,632.25. This means the spread has narrowed to just $30.50. There is a real chance that the price of platinum could move above that of gold in the next few months.

“Platinum markets have started the year positively and could be, along with silver and palladium the commodities to watch in 2013, especially if industrial demand continues to improve,” says Kieron Hodgson, an analyst at broker Charles Stanley.

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