Platinum steady as Lonmin resumes operations

Source: Dukascopy Bank SA
Precious metals were mixed on Friday amid broadly weaker US Dollar and expectations that the Fed will keep its bond buying programme in place. The recent data indicated US CPI rose to 2% year-on-year in February, while earlier the Fed said that it would continue its easing measures as long as inflation is not expected to exceed 2.5%.

Gold drew strength from the US Dollar weakness and hopes the Fed will stick to its loose monetary policy. However, the yellow metal remained under heavy pressure as investors continued to sell their holdings. Speculators sold more than 106 tonnes from ETPs last month, the most since 2003.

Silver retreated despite solid gold prices and softer greenback. Furthermore, signs of strong investment demand failed to buoy the grey metal. Silver ETPs holdings soared to more than 19,700 metric tonnes last week.

Platinum and Palladium found support on indications of robust car demand across the globe. However, eased concerns over South African production weighed on the metals. Lonmin reported that it resumed operations at Saffy and Newman mines after strike on March 5.
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