While the price of platinum remains well below its high of US $2,300 per ounce set in March 2008, it has rebounded strongly, posting a 20.1% gain in 2010 and closing at $1,755, about 75% of its high. Prices have been boosted primarily by speculation that improving auto sales will help to support demand as the developing world, mainly China, continues to buy cars at an accelerating rate. It is estimated that the global automotive industry accounts for over 50% of platinum and palladium consumption. While the sector remains depressed in a historical context, investors have hopes that demand will continue to grow over the medium term.