Platinum hit a 17-month high on Wednesday, buoyed by the recent launch of exchange-traded funds backed by the metal, while gold inched down due to pressure from a firmer dollar. Spot platinum rose as high as $1,654 per ounce, a level last seen in August 2008. It was at $1,646.50 at 0306 GMT. A US subsidiary of London's ETF Securities launched platinum and palladium exchange-traded funds earlier this month, and both metals have been climbing since then.

Copyright Reuters, 2010