By Halia Pavliva Dec. 10 (Bloomberg) -- Platinum and palladium gained in New York on speculation that Congress will pass a $15 billion plan to keep U.S. automakers afloat, boosting demand for exhaust parts made with the metals. The chief executive officers of General Motors Corp. and Chrysler LLC both testified last week that they will accept strict oversight and operating controls to win U.S. loans. Automakers account for more than 60 percent of global platinum consumption, according to estimates by Johnson Matthey Plc, a London-based metals refiner, trader and researcher. “Some are saying platinum is up because of the agreement in Congress to help the auto companies,” Miguel Perez-Santalla, a sales vice president at Heraeus Precious Metals Management in New York, said today in a report. Congress may begin voting on the aid package as early as today. Platinum futures for January delivery jumped $27.50, or 3.4 percent, to $840 an ounce in New York Mercantile Exchange trading. The price sank 11 percent last week, the fifth weekly decline of more than 10 percent since Aug. 1, and has lost 45 percent this year. Palladium futures for March delivery climbed $6.25, or 3.5 percent, to $185.75 an ounce in New York. The price has dropped 51 percent this year. The metal touched $160.30 on Dec. 5, the lowest for a most-active contract since July 2003. Platinum has tumbled 64 percent from a record $2,308.80 in March as U.S. auto sales sank, plunging to the worst annual rate in 26 years last month. Car and truck sales declined as U.S. consumers coped with the first recession since 2001. Both metals are also used in jewelry. Cie. Financiere Richemont AG, Tiffany & Co. and Bulgari SpA, the world’s top three jewelers, have reported slowing or falling profits amid stagnant sales of watches, necklaces and other baubles. To contact the reporter on this story: Halia Pavliva in New York at hpavliva@bloomberg.net.

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