What are Russian sanctions doing to platinum, palladium?

  • Today’s AM fix was USD 1,362.50, EUR 979.37 and GBP 820.49 per ounce.
Yesterday’s AM fix was USD 1,379.00, EUR 992.37 and GBP 829.13 per ounce.     
  • Gold dropped $14.80 or 1.07% yesterday to $1,366.20/oz. Silver fell $0.28 or 1.31% at $21.13/oz. 
  • Yesterday, gold snapped its five session winning streak as speculators took profits as tensions over Ukraine abated somewhat. Gold declined from a six-month high after U.S. industrial production increased more than expected, leading to a reduction in safe haven demand.

 

Chart source: Bloomberg Industries
 

Traders await the outcome of the two-day Federal Open Market Committee’s meeting on Tuesday and Wednesday. Janet Yellen looks set to confirm that tapering will continue as will zero percent interest rates and ultra loose monetary policies. 
Gold surged in recent days due to tensions between Russia and the West. The referendum over the weekend paved the way for Russia to annex Crimea. European Union foreign ministers agreed today to freeze assets and impose visa travel bans on 21 Russians and Crimeans.

The net-long position in gold rose 4% to 123,007 futures and options in the week ended March 11, the highest since December 2012, U.S. Commodity Futures Trading Commission (CFTC) data show. Short holdings fell 20% to 21,073, the lowest since October. Last week, exchange-traded products backed by gold climbed 0.7%, the third straight gain.

Silver fell 0.6% to $21.10 an ounce. Platinum fell 0.7% to $1,458.40 an ounce. Palladium gained 0.5% to $768.40 an ounce. Russia is the world’s biggest producer and exporter of palladium.

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