Precious metals are being nailed to the ground this morning, with the silver and Gold silver prices continue to be unchanged, the spot Gold was trading at $1,235.10 per ounce, while palladium is up by 0.6% and platinum is up by 0.2% this is a follow up from Tuesday’s general weakness that saw silver prices fall 0.5%, gold and silver prices closed down by 0.2%.
Base metals prices in the London Metal Exchange for the most part are drifting in lower positions this morning, with prices down an average of 0.5% on volume of 7,725 lots.
Equities in the previous session was firmer on Tuesday on the back of good results and further signs of global economic strength with generally good manufacturing PMI data.
Other Metals in China like Iron ore prices in May are off by 0.8% on the Dalian Commodity Exchange, while Gold prices continue to remain unchanged and silver prices are slipping by 0.2%. Consolidation seems to be the trend of the day for the base metals as higher prices attract profit-taking and forward selling. The Firmer dollar may also be one of the reason as a stronger headwind dollar looks like it may start to trend higher again.
Gold prices have levelled off on either side of $1,235 per ounce but the fact is that the metals are keeping their ground. The strong performance of dollar also suggests that the underlying reason remains committed.