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Gold Up, Platinum Also Records Third Consecutive Session of Gains

CommoditiesFeb 15, 2021 11:44PM ET
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© Reuters.

By Gina Lee

Investing.com – Gold was up on Tuesday morning in Asia, with platinum prices rising for a third consecutive session, hitting its highest levels since September 2014. Hopes for a quick global economic recovery also increased expectations that demand for the auto-catalyst metal, used by automakers for catalytic converter manufacturing to clean car exhaust fumes, would also increase.

However, platinum could also see its third consecutive annual deficit in 2021 over supply concerns in South Africa, the world’s largest platinum producer.

Gold futures edged up 0.11% at $1825.20 by 11:38 PM ET (4:38 AM GMT), and the dollar, which normally moves inversely to gold, was down on Tuesday.

Benchmark U.S. Treasury yields climbed to their highest levels since March 2020, and global shares continued their rally on Thursday. Optimism for a quick economic recovery from COVID-19 and expectations of continuous low interest rates saw investors turn to riskier assets.

In Australia, the Reserve Bank of Australia released the minutes from its February meeting earlier in the day. The U.S. Federal Reserve is also scheduled to release the minutes from the Federal Open Market Committee’s January meeting on Wednesday.

Across the Atlantic, the European Union (EU) is likely to decide when and how governments would start tapering support to their economies between March and May, with the rollout of vaccines in the region lifting COVID-19 lockdowns and the resumption of economic activity, officials said on Monday. EU finance ministers will meet later in the day to discuss the region’s current economic situation and outlook.

The EU’s GDP and Zentrum für Europäische Wirtschaftsforschung (ZEW) Economic Sentiment index figures are also due to be released later in the day.

On the vaccine front, the World Health Organization on Monday approved AstraZeneca PLC (LON:AZN) and Oxford University’s COVID-19 vaccine for emergency use.

Gold Up, Platinum Also Records Third Consecutive Session of Gains
 

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Comments (3)
Nate Johnson
Nate Johnson Feb 16, 2021 10:17AM ET
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Gold up? Hahaha. You mean in thin trading on Monday when China, Canada and US markets all closed? Smh
Sandeep Verma
Sandeep Verma Feb 16, 2021 12:35AM ET
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how about silver prices
Gkhn Akt
Gkhn Akt Feb 15, 2021 11:53PM ET
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Why no word about silver this morning ? %2,5 for your info , don’t be afraid to mention silver .
Pin ga
Pin ga Feb 15, 2021 11:53PM ET
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they never talk about silver prices. it's so suspicious
 
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