Commodity Blog

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Demand for Gold Wanes, Platinum Rises

July 26, 2010 at 21:08 by Vladimir Vyun

Gold fell today as need for the metal as an alternative currency declined after Europe’s economy signaled that it might retain its strength. Stress tests showed that most European banks are able to withstand a financial crisis. Economists recommend reducing gold holdings and watching euro moves. August futures for gold delivery slid $2.10 (0.2 percent) to $1,185.70 per ounce by 11:44 a.m. on COMEX. The precious metal changed little last week and expected to traded in a range between $1,175 and $1,205.

Platinum fared significantly better. Platinum prices were boosted by concern about possible strike at Impala Platinum Holdings Ltd., the second largest producer of the metal in the world. Discussions to resolve issues with payment have failed and tomorrow more than 18,000 workers may go on strike. October futures for platinum delivery gained $9.10 (0.6 percent) to $1,551.90 per ounce on NYMEX.

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