Platinum group metals were the hardest hit on generally weak precious metals markets Tuesday after a German court ruled that cities in Europe’s largest economy and world’s fourth largest automaker have the right to ban diesel cars.
The price of platinum were back in triple digit territory on New York futures markets on Wednesday falling 2% to a low of $983 an ounce. Palladium was also weaker at $1,033 an ounce as it continues to retreat from record highs of $1,138 an ounce hit in January.
“We’re witnessing the creeping death of diesel,” Stefan Bratzel, director of the Center of Automotive Management at the University of Applied Sciences in Bergisch Gladbach, Germany told Bloomberg News.
The technology will still survive in some segments like trucks, but “if you’re a private car buyer, it’s very hard to pick diesel. The insecurity is growing.”
Diesel technology has been under relentless pressure since the September 2015 revelations that Volkswagen, the world’s number two vehicle manufacturer, had cheated on emissions testing. Today’s ruling affects more than 10 million vehicle owners in Germany and could have ripple effects across Europe.
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