Platinum dropped in Asia as a slumping automotive industry may curb demand as carmakers slash profit forecasts, output and jobs. Gold gained. Nissan Motor Co., Japan’s third-largest automaker, today said it will stop output at three plants for as much as 13 days after demand plunged. General Motors Corp., racing to complete a report asking the U.S. to increase a $13.4 billion aid package, may close or sell as many as four plants under a spending-reduction drive in Europe. “The auto sector will continue to struggle this year,” Societe Generale SA analyst David Wilson said in a report. Platinum for immediate delivery fell as much as 0.8 percent to $1,056.50 an ounce and last traded at $1,061 at 10 a.m. Singapore time. U.S. January auto sales fell to the fewest since 1981, while European car sales plunged 27 percent last month to the lowest level in at least two decades. Most platinum and palladium is used in catalytic converters. “Growth will be re-established in 2010,” SocGen’s Wilson said. “The bad news is already in the platinum group metal prices and further gains are likely to develop over the year.” President Barack Obama yesterday opted against naming a “car czar” to revamp the U.S. auto industry. Instead, Treasury Secretary Timothy Geithner and White House economic adviser Lawrence Summers to participate in a task force. Among other precious metals for immediate delivery, gold rose 0.2 percent to $943.80 an ounce. Silver was little changed at $13.61 an ounce, as was palladium at $216.50 an ounce.

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