Gold prices rose on Tuesday, but remained stuck in a relatively tight range, hovering on either side of the $1300 mark for the past six week or so. A slight retreat in the dollar helped firm up the precious metal, but another upward movement in the US treasury rates to over 2.9% capped the advance. Silver and platinum ended quietly mixed, but palladium lost the most ground, getting to $972/ounce at one point. In the physical markets, Reuters reports that gold jewelry sales in China are finally picking up after years of decline, but that “consumers are still shying away from platinum”. According to World Gold Council data, Chinese gold jewelry sales rose 7% in Q1.
|Precious Metals Daily Report --June 6 2018.pdf