Platinum rose for a sixth session in London on speculation the U.S. government’s plans to bolster the economy will boost demand at a time when companies are cutting production. Gold was little changed. U.S. President-elect Barack Obama has proposed a $775 billion stimulus, while the Treasury has pledged $13.4 billion to help General Motors Corp. pay bills. Platinum, used in autocatalysts, dropped 39 percent last year, forcing companies such as Lonmin Plc and Aquarius Platinum Ltd. to lower output from South Africa. “The main factor behind the move is the stimulus package,” Peter Fertig, a consultant for Dresdner Kleinwort, said by phone from Hainburg in Germany. Proposed tax cuts may help consumers buy more metal-related goods and “the rescue for car manufacturers is a positive development for the industry,” he said. Platinum for immediate delivery climbed as much as $27, or 2.8 percent, to $1,000 an ounce and traded at $989 by 9:21 a.m. in London. The metal, which yesterday traded above $1,000 an ounce for the first time since October, is up 5.8 percent this year. General Motors said yesterday it has enough government loans to cover its worst-case forecast for U.S. sales and won’t need more money if the economy holds up. Automakers account for about half of global platinum and palladium consumption. Ongoing Cuts “Ongoing cutbacks by producers should continue to support platinum,” James Moore, an analyst at TheBullionDesk.com in London, wrote today in a note. Gold for immediate delivery added 53 cents, or 0.1 percent, to $843.48 an ounce. February futures gained $2.10, or 0.3 percent, to $843.80 in electronic trading on the Comex division of the New York Mercantile Exchange. Amongs other metals for immediate delivery in London, silver was unchanged at $11.04 an ounce, and palladium was 0.1 percent lower at $196.75 an ounce.

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