Precious metals rebounded on Wednesday after trading lower at the start of the session with platinum futures leading the complex to the upside. Gold and silver mixed and traded near their lowest levels in two weeks.
Platinum PL00,
and the palladium PA00 traded higher on the day, with platinum rising more than 3% at one time to trading at more than $ 1,000 an ounce, its strongest level in two weeks. However, it recovered some of these gains in recent trade.
Paladi PA00,
meanwhile, it was down 2.4%, or $ 50, to $ 1,994 an ounce.
Futures for the yellow metal GC00,
cleared previous losses to trade with a drop of $ 2 or 0.1%, to $ 1,832 on Wednesday, while the silver SI00,
futures rose 10 cents, or 0.5 percent, to $ 21.80.
In other markets, US stocks fell, with the S&P 500 and the Dow Jones Industrial Average falling in the session shortly after opening.
Analysts at Commerzbank’s commodities research office said gold and silver are reversing some of their gains over the past two weeks due to rising yields in the US. They also blamed a historic impression of European inflation this week and the European Central Bank’s plans to raise interest rates in July to aggravate the attractiveness of the precious metal.
After advancing 9.4 basis points on Friday, the 10-year Treasury yield on TMUBMUSD10Y,
it was added to its recent upward move on Wednesday as bonds were sold (bond prices move inversely to yields). The dollar also rose, with the ICE DXY dollar index,
0.7% to 102.4.
Finally, copper HG00,
rose 0.6% to $ 4.32 per pound.