Platinum Spot Price
Source – APMEX
Platinum
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Gold set for eighth weekly gain
Spot gold shed 0.4% to $2,927.95 an ounce by 1204 GMT. Bullion has gained around 1.6% this week after rising to a record $2,954.69 on Thursday.
“The non-stop rally since December remains unchallenged unless prices drop to around $2,850,” said Ole Hansen, head of commodity strategy at Saxo Bank.
“Gold has been displaying resilience with short-lived retracements, as lingering U.S. trade uncertainties reinforce its appeal as a hedge,” IG market strategist Yeap Jun Rong said.
Spot silver was flat at $32.92 an ounce, and palladium dipped 0.3% to $974.75. Both metals were headed for weekly gains.
Platinum shed 0.2% to $976.80 and eyed a weekly decline.
Source – Reuters
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Gold continues to climb, tariffs increase demand
Gold prices rose to a record high on Wednesday on safe-haven demand following U.S. President Donald Trump’s latest tariff threats, while investors awaited minutes of the Federal Reserve’s January policy meeting.
Spot gold surged to an all-time high of $2,946.85/oz earlier in the session and was last down 0.2% at $2,928.88 as the dollar crept higher as of 12:17 pm ET (1714 GMT).
“We are in a state of unusual-heightened uncertainty… the catalyst is the tariffs and trade talks or threats that are going on around the world,” which is supporting the prices, said Paul Wong, market strategist at Sprott Asset Management.
Among other metals, spot silver, used in electrical components, shed 0.7% to $32.64 an ounce, which aims to challenge a 10-year high.
Platinum declined 2.1% to $966.65 and palladium eased 1.9% to $968.43.
Source – Reuters
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Gold, Silver, Platinum Forecasts
Gold
Gold tests resistance at $2930 – $2940 as traders bet that demand from central banks will stay strong in the upcoming months.
Silver
Silver gains ground as traders react to the strong performance of gold markets. RSI is in the moderate territory, and there is enough room to gain momentum in the near term.
Platinum
Platinum is stuck near the $1000 level as traders wait for additional catalysts.
Source – FXEMPIRE
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Anglo American to Retain 20% Stake in Demerged Platinum Business
Anglo American said it does intend to sell the remainder of its retained shares over time, and said that it will not hold any representation on the Anglo American Platinum board after the split.
Source – Morning Star
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Platinum jewelry steadily recovering
The platinum jewellery market decline now appears to have stabilised, with year-on-year growth of 5% estimated for 2024 and 2% year-on-year growth forecast for this year, when total platinum jewellery demand is expected to reach 1.98-million ounces, the organisation points out.
PGI points out that in most markets, platinum jewellery is 950 parts per thousand, compared with 18 ct gold which is 750.
Source – Mining Weekly
PGI – Personal guarantee insurance
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Gold, Silver, Platinum Forecasts
Gold
Gold made an attempt to settle below the support at $2870 – $2880 but lost momentum and climbed back above the $2900 level.
Silver
Silver rallied above the $32.00 level as gold/silver ratio pulled back below the psychologically important 90 level.
Platinum
Platinum is trying to settle above the resistance at $1025 – $1030 as demand for precious metals stays strong.
Source – FXEMPIRE
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Gold, Silver, Platinum Forecasts
GOLD
In case gold settles below the $2830 level, it will head towards the nearest support, which is located in the $2780 – $2790 range.
Silver
Silver made an attempt to settle back below the $32.00 level but lost momentum and rebounded towards the $32.20 level.
Platinum
If platinum settles above the $1015 level, it will move towards the resistance at $1025 – $1030.
Source – FXEMPIRE
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Gold, Silver and Platinum move above level
Gold tests historic highs as the strong rally continues.
A move above the $2850 level will open the way to the test of the $2900 level.
In case silver stays above the $32.00 level, it will head towards the next resistance at $32.75 – $33.00.
In case platinum settles back above the $1000 level, it will move towards the resistance level at $1025 – $1030.
Source – FXEMPIRE
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Platinum, palladium likely to lag gold and silver again – UBS
Prospects for platinum group metals in 2025 look similar to previous years, UBS says, adding that it expects platinum to outperform palladium , and both to lag gold and silver once again.
The investment bank, meanwhile, has a forecast of a 25% return for silver, with prices trading in a $36-38/oz range.
“Hence, we hold a more nuanced outlook for the overall precious metal sector, with a more attractive risk-reward in gold/silver versus platinum/palladium. Within the platinum group of metals, platinum remains favored over palladium, considering the higher volatility and lower liquidity of the latter,” analysts added.
Source – Seeking Alpha