Reports from the US detailing an improvement in consumer confidence and signs of growth in the manufacturing industry have boosted hopes that demand for precious metals such as platinum will rise.

With ABC News/Money Magazine revealing that their weekly Consumer Comfort index rose three points in the week ended May 25th, the first rise since April 20, and the Conference Board's 'US Consumer Confidence' index also rising, there are encouraging signs for improved demand according to industry experts.

Indeed, according to Reuters, improvement in the world's biggest economy has already sparked small rises in the stock of several major South African mining companies.

Analysts say that increased consumer spending, particularly on premium items such as vehicles and jewellery, will boost demand for platinum.