Platinum loses more than 6% today as geopolitical tensions in the Middle East pressure risky assets, supporting 'safe-haven' commodities like gold more than any other precious metal. Gold rises today more than 1.2% proving its defensive/hedging role in investors portfolios, while platinum plunges on profit-taking, signalling that recent, unprecedented price growth trend was supported mainly by leveraged, 'trend-tracking' trade, today pressured by risk aversion. However, the major trend on platinum market remain positive.
Source: xStation5
Daily summary: Silver plunges 9% ๐จIndices, crypto and precious metals under pressure
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