Platinum prices moved lower last week, back below $1,000 an ounce, as the dollar strengthened in response to higher interest rates resulting from a record offering of US government debt via the Treasury auction. Yields on one and three-month bills reached levels last seen in 2008, while yields on the US 10-year Treasury bond rose to a four-year high at 2.95%, approaching the psychological 3% level which could spook markets further if breached. Participation in last week’s auction was also light which only exacerbated the situation. Platinum and gold prices remain under pressure on investor fears of a further tightening in interest rates and a strengthening in the dollar, which traded to below $1.226/euro last week from its recent three-year high of $1.255.Reading Time: 1 minute
Also in this week’s Platinum Market Review:
-Northam Platinum reported a 4.7% increase in equivalent 4E (PGMs + gold) concentrates produced -Palladium prices continued to climb to over $1,060 an ounce, up $100 an ounce -Rhodium prices appear firmly embedded on either side of $1,850 an ounce -Minutes from the most recent Fed meeting
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