Platinum futures jumped to the highest in almost four months on demand for the metal as a store of value. Palladium also climbed. The precious metals, including gold and silver, rallied this year as global equities fell amid a recession. Government stimulus plans spurred inflation concerns, triggering demand for the commodities as a hedge against the prospect of resurgent consumer prices. The U.S. Senate today approved an $838 billion rescue program. “Platinum exploded,” Miguel Perez-Santalla, a sales vice president at Heraeus Precious Metals Management in New York, said in an e-mail. “Investment money in anticipation of the influx of currency from the stimulus package continues to seek homes for what they believe will be inflationary activity.” Platinum futures for April delivery rose $39, or 3.9 percent, to $1,034.90 on the New York Mercantile Exchange. Earlier, the price reached $1,047.80, the highest for a most- active contract since Oct. 14. The metal has climbed 10 percent this year. Palladium futures for March delivery jumped $6.15, or 3 percent, to $212 an ounce. The price has gained 12 percent this year. The metals are used mostly in jewelry and pollution-control devices in cars. “Though the fundamentals remain weak, there is no doubt that the investment sector has taken over as the biggest consumer, created a floor and will continue to drive the prices higher until something better comes along,” Perez-Santalla said. The platinum price may top $1,100, he said. The MSCI World Index of equities has dropped 8 percent this year. In 2008, platinum tumbled 38 percent and palladium plunged 50 percent as auto sales plummeted.

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