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Precious Metals Wavers as Investors Seek Clarity on Future Trends
TOPICSTags: Gold, Platinium, Precious Metal, Silver
Platinum prices retreated towards $1,000 per troy ounce after hitting a one-month peak of $1,030 on July 5th. The decline aligns with a broader pullback in precious metals markets, as investors weigh industrial demand against potential Federal Reserve policy shifts.
Downward pressure on platinum prices stems from several factors. China, the world’s largest platinum consumer, saw its NBS manufacturing PMI indicate contraction in factory activity for two consecutive months at the end of Q2, signaling weakening demand. Additionally, the growing market share of electric vehicles in major global markets is reducing the need for platinum in catalytic converters for internal combustion engines.
Despite these bearish signals, platinum prices find some support from expectations that the Federal Reserve may begin lowering interest rates in September. The anticipated policy shift continues to bolster precious metals markets overall.
In addition, gold fell below $2,360 per ounce Tuesday, while silver rebounded to around $31, partially recovering from previous losses.
(Platinum Weekly Chart)
(Gold Weekly Chart)
(Silver Weekly Chart)
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