* Platinum unlikely to trade at a premium to gold -analyst
* Markets await U.S. Fed FOMC minutes on Wednesday
* Benchmark U.S. yields rose to 11-month high on Friday
* Interactive graphic tracking global spread of coronavirus:
https://tmsnrt.rs/3mvcUoa
(Add comments, graphic, updates prices)
By Nakul Iyer
Feb 15 (Reuters) - Platinum prices climbed to their highest
level in over six years on Monday, buoyed by expectations of a
wider supply-demand deficit for the industrial metal as
investors bet on a swift global economic rebound.
Platinum XPT= , used in catalytic converters that limit
emissions from automobile engine exhaust systems, rose 3.4% to
$1,294.52 an ounce by 1245 GMT, having touched $1,304.00, its
highest since September 2014.
"Investors have started to realize there's upside potential
for platinum prices, so it's catching up to other precious
metals," said ABN Amro analyst Georgette Boele, adding the
industrial outlook has improved for platinum.
Platinum will likely continue to outperform both palladium
and gold, but it is unlikely to revert back to trading at a
premium to gold, she added.
Specialist materials firm Johnson Matthey predicted a third
consecutive annual deficit for platinum this year. Analysts also said longstanding supply issues of the metal
in top producer South Africa could lend further support by
potentially widening its supply deficit. Spot gold XAU= edged 0.1% lower to $1,822.00 per ounce
pressured by U.S. Treasury yields topping a near 11-month peak
on Friday, and as global shares scaled a fresh record peak.
MKTS/GLOB
U.S. gold futures GCv1 were little changed at $1,823.20.
"Gold's overall technical position remains fragile, and will
come under renewed downward pressure this week, if U.S. yields
continue moving higher," OANDA senior market analyst Jeffrey
Halley said in a note.
Higher yields increase non-yielding bullion's opportunity
cost.
Investors are looking to stocks for quick gains and with
such strong "risk-on" moves, it's difficult to see gold
rallying, said ActivTrades chief analyst Carlo Alberto De Casa,
adding a drop below $1,790 could trigger further declines.
Market participants await minutes of the U.S. Federal
Reserve's Federal Open Market Committee meeting at the end of
January, due on Wednesday.
Spot silver XAG= rose 1.1% to $27.65 per ounce and
spot palladium XPD= rose 0.8% to $2,408.44.
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South Africa platinum produciton vs global platinum prices https://tmsnrt.rs/3rVzs4s
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