LONDON (Reuters) – Platinum and palladium will remain turbulent in coming months after huge losses sparked by the spread of coronavirus, before starting a tentative recovery with support from palladium’s supply gap and platinum’s correlation with gold, analysts said.
Platinum has plunged 40% and palladium 45% from February highs as efforts to contain coronavirus stifled the global economy and turmoil in wider markets forced investors to sell precious metals for emergency cash. [MKTS/GLOB]
On Monday, platinum suffered its biggest one-day fall on record and touched $558 an ounce – the lowest since 2002 – while palladium tumbled from a record high of $2,875.50 to some $1,500 an ounce. Continue Reading →