• Latest
  • Trending
  • All
  • News
Metals Stocks: Precious metals climb as platinum leads market higher

Metals Stocks: Precious metals climb as platinum leads market higher

June 2, 2022
Malaysia’s $30bn wealth fund to stand by carbon-emitting state companies

Malaysia’s $30bn wealth fund to stand by carbon-emitting state companies

June 26, 2022
Japan’s biggest chipmakers from Toshiba to Sony brace for engineer shortage

Japan’s biggest chipmakers from Toshiba to Sony brace for engineer shortage

June 26, 2022
How to Earn Passive Income Through Amazon Dropshipping

How to Earn Passive Income Through Amazon Dropshipping

June 26, 2022

Scaling Up Your Freelancing Career to a Small Business

June 26, 2022
Attend Digital Summit Portland 2022 for the Latest Cutting-Edge Marketing

Attend Digital Summit Portland 2022 for the Latest Cutting-Edge Marketing

June 26, 2022
10 Ways to Take Your Current Marketing Plan to the Next Level

10 Ways to Take Your Current Marketing Plan to the Next Level

June 26, 2022
How Emotionally Intelligent People Use the ‘Warren Buffett Rule’ to Become Exceptionally Persuasive

How Emotionally Intelligent People Use the ‘Warren Buffett Rule’ to Become Exceptionally Persuasive

June 26, 2022
Try the ‘3-R’ Sleep Ritual to Help Combat the Dreaded Revenge Bedtime Procrastination

Try the ‘3-R’ Sleep Ritual to Help Combat the Dreaded Revenge Bedtime Procrastination

June 26, 2022
Kraken Daily Market Report for June 24 2022

Kraken Daily Market Report for June 24 2022

June 25, 2022
Swiss Luxury Brand Hublot Adopts Bitcoin Payments

Swiss Luxury Brand Hublot Adopts Bitcoin Payments

June 25, 2022
How The Qualities Of Bitcoin Baffle Nocoiners

How The Qualities Of Bitcoin Baffle Nocoiners

June 25, 2022
Was Aristotle a Bitcoiner?

Was Aristotle a Bitcoiner?

June 25, 2022
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, June 26, 2022
  • Login
WallStreetReview
  • Home
  • News
No Result
View All Result
WallStreetReview
No Result
View All Result
Home News

Metals Stocks: Precious metals climb as platinum leads market higher

by Editor
June 2, 2022
in News
0
Metals Stocks: Precious metals climb as platinum leads market higher
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Precious metals prices extended their move higher on Thursday, erasing more of their decline from earlier in the week and heading back toward a near-term high reached last month.

The move comes as Treasury yields
TMUBMUSD10Y,
2.908%

and the dollar
DXY,
-0.35%

retreated, making precious metals more attractive by comparison.

Here’s what’s moving in metals markets
  • Front-month gold
    GC00,
    +0.74%

    futures were up 0.5% to trade at $1,858 per troy ounce; the yellow metal is now up 1.6% on the year.

  • Silver
    SI00,
    +1.00%

    was up 1% to $22.15 per ounce; it remained down more than 5% so far for the year.

  • Platinum
    PL00,
    +1.01%

    built upon its sizable gains from yesterday’s session, trading 1.5% higher to $1,011, crossing back above the psychologically important $1,000-per-ounce level.

  • Palladium
    PA00,
    +0.40%

    was up 0.4% to $2,010 per ounce.

Citi’s Aakash Doshi, a precious metals analyst, recently cut his near-term price target for gold, arguing that a confluence of factors are conspiring to keep a lid on the precious metal’s price.

“A hawkish Fed, higher real rates, and what still remain anchored medium-term inflation expectations (in both surveys and bond market pricing) have weighed on gold price momentum amid a relatively robust [U.S. dollar] backdrop. It also seems likely some geopolitical risk premium has eroded as the market absorbed the Russia/Ukraine conflict,” Doshi wrote in a note to clients.

Elsewhere, a team of analysts at Commerzbank explained why platinum prices have outperformed recently, citing expectations of increased demand from the automobile industry as a supply-chain crunch fades.

“Platinum is likely to profit from the increased demand from the automotive industry that is expected this year by market observers like Johnson Matthey and Metals Focus,” wrote Commerzbank’s Daniel Briesemann

It’s worth noting that platinum has risen on each of the last five days of trading, gaining around $50 and driving the price discount versus gold to just $850 per troy ounce, its narrowest level since March.

The outlook for industrial metals was more mixed, as prices of aluminum fell and copper climbed after a popular gauge of U.S. manufacturing activity – the S&P Global U.S. manufacturing PMI – showed activity slowing in May to a four-month low.

Here’s how industrial metals were trading
  • Aluminum traded on the London Metals Exchange was down 4% to roughly $2,700 per metric ton.

  • Copper climbed 3% to $4.47 per pound.

Read More

Share196Tweet123Share49
Editor

Editor

  • Trending
  • Comments
  • Latest
Canada’s OSC Flags Tweets From Coinbase, Kraken CEOs

Canada’s OSC Flags Tweets From Coinbase, Kraken CEOs

February 22, 2022
Trudeau Invokes Rare Emergency Powers To Shut Down ‘Freedom Convoy’ Blockades

Trudeau Invokes Rare Emergency Powers To Shut Down ‘Freedom Convoy’ Blockades

February 15, 2022
S&P 500 confirms correction as stocks stumble on war fears

S&P 500 confirms correction as stocks stumble on war fears

February 23, 2022
Scholz to warn Putin of western resolve on Ukraine

Scholz to warn Putin of western resolve on Ukraine

0
Waning stockpiles drive widespread global commodity crunch

Waning stockpiles drive widespread global commodity crunch

0
FT Global MBA Ranking 2022: US business schools dominate

FT Global MBA Ranking 2022: US business schools dominate

0
Malaysia’s $30bn wealth fund to stand by carbon-emitting state companies

Malaysia’s $30bn wealth fund to stand by carbon-emitting state companies

June 26, 2022
Japan’s biggest chipmakers from Toshiba to Sony brace for engineer shortage

Japan’s biggest chipmakers from Toshiba to Sony brace for engineer shortage

June 26, 2022
How to Earn Passive Income Through Amazon Dropshipping

How to Earn Passive Income Through Amazon Dropshipping

June 26, 2022
WallStreetReview

Copyright © 2022. WallStreetReview.com

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Home
  • News

Copyright © 2022. WallStreetReview.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Don't miss the

NEWSLETTER

Exclusive editorial

Breaking News

Quality Company Coverage

Expert Writers

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

WallStreetReview will use the information you provide on this form to be in touch with you and to provide updates and marketing.