Gold Plunges as USD Rebounds. PGMs to be Supported by US Auto Sector
BonTradeUSD rebounded sharply in European session as traders unwound long positions in growth currencies after improved US outlook. Meanwhile, disappointing macroeconomic data released in Australia and the Eurozone earlier in the day accelerated the profit-taking. Gold price plunged to as low as 1404.6 after rising to a 4-week high of 1424.4 yesterday. While decline in US gold coin sales may signal a cap in gold rally in the near-term, we remain bullish on the metal's long-term outlook. PGMs also fell in tandem with gold and silver. However, positive auto demand should remain supportive for prices.
See more here:
Gold Plunges as USD Rebounds. PGMs to be Supported by US Auto Sector
