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Metals Log Gains, Gold Fails to Join Rally

Metals rallied today, demonstrating strong gains. In an interesting twist, gold did not join the rally, posting a modest loss. Market analysts provided several possible reasons for bullion’s underperformance: rising Treasury yields, reflation expectations, and the positive general market sentiment, which was a result of vaccine rollouts progress.

Meanwhile, Johnson Matthey — a leading autocatalyst manufacturer — reported that platinum, palladium, and rhodium were in short supply last year. The metals are used by the auto industry to filter emissions from engine exhausts. It is expected that the production of new automobiles will increase as vaccination progresses and the impact of the COVID-19 subsides. Indeed, IHS Markit predicted that new light-vehicle sales will climb to 83.4 million globally in 2021, up 9% from the 2020 projection of 76.5 million. Specialists predict that platinum will continue to outperform palladium and gold but is unlikely to trade at a premium to gold as it was doing once.

Going forward, the metal market will likely be reacting to shifts in the market sentiment, driven by reports about vaccination progress and other news, as well as macroeconomic reports, particularly in the United States. While US markets are closed for a holiday on Monday, the rest of the week will be very eventful, with plenty of macro releases.

Futures for delivery of gold dropped by $5.9 (0.32%) to $1,817.3 per troy ounce as of 15:46 GMT on COMEX today. At the same time, contract for delivery of silver in March climbed by $0.28 (1.03%) to $27.61 per ounce. Spot price for platinum surged by $40.65 (3.24%) to $1,297.03 per ounce, while palladium rallied by $13.86 (0.58%) to $2,400.05 per ounce. Copper for delivery in March added $0.0275 (0.73%) to its value to trade at $3.8155 per pound.

If you have any questions and comments on commodities today, use the form below to reply.

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Published under: Copper, Gold, Palladium, Platinum, Silver

Via Commodity Blog https://bit.ly/2OA2lVq