Gold is trading slightly lower after the good start of today's session.
Gold was gaining this week, but today we see a slight pullback, despite a good start to the session. It is worth noting that platinum is still the top performer among precious metals. The price increase is influenced by several factors, but mainly due to potential increase in industrial demand and the enormous strength of the investment demand. Nevertheless, it is worth mentioning that the platinum market is a "micro" market compared to gold. As further concerns about inflation emerge, the entire "huge" market should turn its attention to gold. Nevertheless, other markets should follow gold.
The lack of greater volatility in gold compared to other precious metals is related to size of the market. The platinum market, which is at least several dozen times smaller, is easier to move on. However, when concerns about inflation arise, the gold market should be the main beneficiary. It is worth noting that the amount of gold in ETF vaults has not changed significantly since the beginning of the year. This is relatively good news as it means that investors are not withdrawing funds. Source: Bloomberg
Platinum is a definite star of recent days, although it is worth noting that the rebound on both metals began at the same time (February 4). Currently, gold is struggling to break above $ 1,850 an ounce. Next key level is located around$ 1,872 an ounce. Breaking above this level should motivate more investors to buy gold. On the other hand, the demand buffer for gold is located between $ 1790-1820 an ounce. Source: xStation5
