The prices of precious metals, Gold and Platinum, dropped slightly on Friday. The reduction in demand for gold during U.S. trading on Thursday following the ECB’s comments, further fueled the decrease in Gold futures. Platinum also plunged by 0.53 % to trade at $ 1,711.30 per ounce.
Gold futures for April dropped by 0.06 % in Asian trading, to trade at $1,670.35 per troy ounce on the Comex division of the New York Mercantile Exchange. In U.S. trading on Thursday, gold went lower by 0.42 %. As far as the estimates of the financial analysts are concerned, the yellow metal was supposed to face resistance at a price of $1,685.65 and was likely to gain at $1,662.55.
A positive indicator came for the commodities traders, when silver rallied slightly by 0.08 % and copper went up by 0.26 % to trade at $ 31.428 per ounce and $ 3.740 per ounce, in that order.
Even on Thursday, most precious metals traded lower in European trading, while prices of platinum surged a bit later in the day. Spot platinum went down by $6 from USD 1,742, the highest in 17 months reached overnight, to trade at $ 1,728/1,738 per ounce. Most financial analysts were not able to make out why the sudden surge of $ 16 was made by platinum in such a short time, since there were no recent economic indicators or news from various world economies that could have had an impact on the prices of this precious metal.
Palladium is another metal that is catching the eyes of the investors, as it is trending up strongly after it slumped to $ 666.40 early in January, and has shown a growth of 16 %. Most traders refrained from investing in gold when the European Central Bank President, Mario Draghi, revealed that they are carefully monitoring the euro, which recently showed some positive movement, to see if there are any indications of Euro zone inflation. This comment probably played a major role in the rise of the U.S. Dollar index.