Spot platinum was up 0.4 percent at $1,528 an ounce, while palladium was up 0.4 percent at $618 an ounce.

Platinum retained its unprecedented discount to gold prices as buyers worried a more anaemic economic environment would weigh on demand for industrial precious metals.

“Platinum margins are being squeezed by rising labour costs, and prices are falling due to weakness across the commodities complex,” said Standard Chartered in a report.

“While we expect prices to trend higher in the year ahead, downside risks are elevated. High-cost producers might therefore want to sell into rallies as insurance against further margin erosion.”