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03.08.202112:27 Forex Analysis & Reviews: Demand for platinum skyrockets in Japan

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Demand for platinum is growing more and more in Japan. The World Platinum Investment Council (WPIC) said the main reason is the development of clean hydrogen fuel cells, and platinum is an essential element for separating hydrogen from water

In fact, hydrogen energy already played a crucial role during the Tokyo Olympics. For the first time, the Olympic flame was fired using hydrogen, not propane. The Olympic Village was also equipped with a hydrogen filling station and a hydrogen pipeline to service buses and electric vehicles that are used to transport athletes.

The WPIC noted that Japan has become a leader in hydrogen technology development, and the government intends to spend more than $ 3 billion to support hydrogen technology development over the next ten years. Japan's ambitious target is to achieve zero emissions by 2050.

So, even if hydrogen energy still accounts for a small portion of the platinum market, WPIC believes that it has strong potential for further growth. They even forecast that market demand for platinum hydrogen will grow by 17%.

Unfortunately, price still struggled yesterday, so platinum futures closed at $ 1058 an ounce.

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