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Gold & Platinum Drop, Nickel Rallies to Yearly Record

April 17, 2014 at 21:29 by Vladimir Vyun

Gold fell today as positive macroeconomic data from the United States reduced demand for the metal as a safe haven. Unemployment claims were almost unchanged, while the manufacturing index climbed much more than was expected. June futures for delivery of gold fell $8.6 (0.66 percent) to $1,294.9 per troy ounce as of 21:06 GMT on COMEX today.

Platinum lost value too. The metal was rising previously as strikes disrupted supply from South Africa. The premium is gradually declines as talks between workers and mining companies progress and hopes are growing that some form of an agreement can be reached. Spot price for platinum went down as much as $23.62 (1.64 percent) to $1,413.38 per ounce today.

Nickel rallied today, rising above the $18,000 mark for the first time in 14 months. The rally was a result of concerns about potential supply disruptions due to the ore export ban in Indonesia and international sanctions against Russia for its involvement in the conflict with Ukraine. Contract for delivery of nickel in three months was up 0.8 percent to $18,003 per ton on LME today.

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

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