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Palladium and Platinum Lead Metals, Silver and Copper Struggle

by on November 4, 2013 7:20 pm BST
 

Gold rose today as profit taking in the dollar starts after the Federal Open Monetary Committee (FOMC) statement last week. The dollar index is lower on the day by .18 percent, trading at 80.66. Precious metals have been rather subdued as the dollar bounced of lows of 79.06 to its current value. According to the US Mint, sales of the American Eagle gold coin exceeded total sales of 2012. “The dollar’s weakness is supporting gold,” said Adam Klopfenstein, market strategist for Archer Financial Services Inc.

Platinum has been range bound in today’s session while erasing earlier losses on the day but still lower than the daily high of $1,458.70. This precious metal increased on worries of a strike and labor turmoil in South Africa. There are also supply concerns.

The industrial and precious metal, palladium led the way climbing over $10 in value, or 1.40 percent. Currently, an ounce of palladium is worth $748.60 per ounce.

Silver struggled in today’s session. Gold’s little brother has been down almost the entire day. Down .16, or .74 percent, silver currently trades at $21.675 per ounce.

Copper fell the most in a weak as US factory orders increase less than expected. There are still worries on the condition of the economy, both foreign and domestic. This uncertainty is keeping copper bulls in the pen. According to Sterling Smith, futures specialist with Citigroup Inc., “we’re seeing some fund liquidation.”