Precious metals are for the most part firmer this morning, Tuesday June 27, with gold and silver prices up 0.2% – spot gold was recently at $1,245.57 per oz. This comes after a sudden sell-off yesterday morning on the back of a large sell order that hit the market when liquidity was thin. Gold closed yesterday 1.1% weaker and silver closed down 0.8%. Platinum prices are up 0.6%, having fallen 1.3% yesterday and palladium prices are little changed, having climbed 0.9% on Monday. The dips seem to have attracted dip buying.
Another quiet start to trading on the London Metal Exchange this morning, with base metals prices mixed and little changed. Copper, aluminium, lead and tin prices are down an average of 0.2%, with three-month copper prices at $5,789 per tonne, while nickel and zinc prices are up 0.6% and 0.2%, respectively.
Gold prices are recovering from Monday’s spike lower and at $1,250 per oz prices are generally consolidating and given a fairly quiet geopolitical and US political scene, we do not see too much demand for safe havens, so we expect more of the same. Silver and platinum prices continue to follow gold’s lead, while palladium prices consolidate below recent peaks, with dip buying evident, although overhead supply seems evident too.
Source: The Bullion Desk