Currency Shocks Knock Platinum to 10-year Lows

Ingots of 99.98 percent pure platinum are seen at the Krastsvetmet non-ferrous metals plant, one of the world's largest producers in the precious metals industry, in the Siberian city of Krasnoyarsk, Russia, on March 9, 2017. Ilya Naymushin/Reuters

LONDON—Platinum prices tumbled to 10-year lows as the collapse of Turkey’s lira rippled through markets and weakened the currency of top producer South Africa, underlining persistent oversupply of the autocatalyst metal.

Platinum has been caught in a broad sell-off as investors rush to the safety of the dollar, pushing it higher and making dollar-priced metals more expensive for buyers using other currencies.