A modest recovery in platinum prices this week has seen its value comparable to gold recover Friday, from multi-month lows last week.
With platinum up around $40/oz on the week to around $965/oz Friday, the ratio to gold is around 1.3, down from over 1.35 a week earlier, when the ratio moved to its highest for which records are available, at least 15 years.
A tentative wage deal between South Africa's largest platinum group metals miners and its unions announced October 21 saw platinum sink to an eight-month low of $927/oz, before recovering this week.
The Association of Mineworkers and Construction Union, the biggest union in the PGM industry, confirmed a new wage deal with South Africa's largest producers, Lonmin, Amplats and Impala, had been concluded Thursday. Local news sources have reported a 7% wage increase was agreed for the next three years, which was unconfirmed Friday.
In 2015 the AMCU led a five-month wage strike in South Africa's platinum sector, which brought nearly 40% of world production to a standstill, but was settled only after the union reduced its pay demands.
At around $610/oz Friday, palladium prices are down around $10/oz on the week, holding at a three-month low. The palladium-gold ratio is just over 2.07, its steepest since July.
The gold-silver ratio has moved below 72 in recent days, meanwhile, with silver priced around $17.60/oz Friday, fairly stable on the week. The gold-silver ratio was above 72.3 October 21, its steepest since June.
Gold is priced around $1,265/oz Friday 0830 GMT, largely unchanged on the week.
