Platinum prices fell below $900 an ounce on Tuesday for the first time since January 2009, hurt by fears that the Volkswagen emissions scandal would cut demand from carmakers, but later pared losses as bargain-hunting investors swooped in.
The metal has been hit by last week’s revelations that Volkswagen AG falsified U.S. vehicle emission tests, which some believe could affect demand for diesel cars. Platinum is widely used in autocatalysts, particularly for diesel engines.
Spot platinum was down 0.5 percent at $917.40 an ounce, having earlier touched a low of $894. The metal is on track for its biggest monthly loss since May 2012 in September, and its steepest quarterly plunge in seven years.