Yet it appears that the course may yet change as at the time of writing, palladium has stretched back to the opening level and platinum turned its gains.
Market analysts revealed that the risk-on market sentiment rests firmly in place. Hopes for coronavirus vaccine rollouts and global economic improvement have been encouraging traders towards riskier assets, making more reliable ones less attractive. With global stocks extending to rally, investors perceive little need to buy non-yield-bearing gold.
Other metals, on the other hand, served from a positive outlook due to their industrial usage. In particular, analysts are confident about platinum due to using the autocatalyst metal by auto manufacturers to clean car exhaust fumes.
On top of that, experts are concerned about possible supply disruptions in South Africa, the platinum’s most crucial producer around the world. That can occur in a global deficit of platinum in 2021, identical to in the previous two years.
Copper has also been getting on concerns about the potential deficit.
The mix of high demand for the industrial metal, especially in China, and lower production in no small number of coronavirus cases in several copper-producing South American nations can occur in a global copper shortage this year.
In April, futures for gold delivery were nearly flat at $1,823.5 per troy ounce as of 11:14 GMT on COMEX today. Silver for delivery in March rose by $0.51 (1.87%) to $27.84 per ounce. The platinum spot price decreased by $2.99 (0.23%) to $1,302.34 per ounce, while palladium has been trading sideways at $2,390.04 per ounce. March copper topped by $0.041 (1.08%) to $3.829 per pound.