Platinum is rising while gold and silver are teetering near two-week lows

Precious metals rallied Wednesday after trading lower early in the session, with platinum futures leading the complex higher. Gold and silver were mixed, trading near their lowest levels in two weeks.

platinum PL00,
and palladium PA00Both traded higher on the day, with platinum intermittently up more than 3% to trade above $1,000 an ounce, its strongest in two weeks. However, it gave back some of those gains in recent trading.

Palladium PA00,
Meanwhile, it was down 2.4% or $50 to $1,994 an ounce.

futures on the yellow metal GC00,
erased earlier losses to trade up $2 or 0.1% at $1,832 on Wednesday while Silver SI00,
Futures were up 10 cents, or 0.5%, to $21.80.

Elsewhere, U.S. stocks fell slightly, with the S&P 500 and Dow Jones Industrial Average falling shortly after the session open.

Analysts at the Commerzbank Commodity Research Desk said gold and silver pared some of their gains over the past two weeks on rising US yields. They also blamed historic European inflationary pressures this week and the European Central Bank’s plans to hike interest rates in July to sour fascination with the precious metal.

After 10-year Treasury yield TMUBMUSD10Y rose 9.4 basis points on Friday,
added to its recent move higher on Wednesday as bonds sold off (bond prices move inversely with yields). The dollar also moved higher, with the ICE dollar index DXY,
rose 0.7% to 102.4.

Finally Copper HG00,
rose 0.6% to $4.32 a pound. Platinum is rising while gold and silver are teetering near two-week lows

Brian Lowry

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