The markets of platinum and palladium today under pressure
The markets for platinum and palladium remain under pressure from a strengthening US dollar, but the markets of gold and silver older. Tonight is expected to publish the minutes from the latest U.S. Federal reserve meeting, which could increase the volatility influenced by the views of the regulator about inflation. Stocks in the gold ETF funds have grown, stocks in the rest of the funds has not changed. In Asia also continue the weekend, which reduces the activity of trade. Trading on the stock exchange SGE Shanghai have not yet been established. In January 2018
The CBR has purchased 18.7 tonnes of gold, increasing the gold reserves to 1856,9 tons, accounting for 17.9% of all international reserves. The assay chamber of the Russian Federation in 2017 branded 59,7 tons of gold jewelry, which is 12% more than in 2016, the Share of imported gold jewelry amounting to 3.6%. Also the assay chamber of the Russian Federation denounced 178 tonnes of silver jewelry, which is 3% less than in 2016.
The share of imported silver jewelry has increased to 28.7%.
Gold prices declined to $1327, and then grew to the level of $1332. The end of Asian holidays may start a poor season for the gold market where demand remains sluggish until the spring festivals in India. The nearest support levels in gold are $1327-1310, resistance levels – $1365-1395. According to the Swiss customs statistics, imports of gold from the country in January 2018 rose by 26.5% by December 2017 and has reached 204.5 tons.
The main supply of gold in Switzerland was carried out from the UAE and Uzbekistan. Gold exports fell to 107,3 tons: shipments to China grew by 62.7% to 41.5 tonnes, shipments to Hong Kong has not changed and amounted to 24.5 tonnes, deliveries in India declined 2.3% to 14.3 tons. Silver prices in correlation with the market of gold decreased to $16,35, and then recovered to the level of $16,48. The ratio of gold to silver is 80.75 points. The ratio of platinum to silver is 60,57 points. The next support levels in silver – $16,35-16,20, resistance levels – $16,60-16,90.
The price of platinum in correlation with the market of gold decreased to $996, after which grew to $1003. The spread between gold and platinum is $330/oz. The spread between platinum and palladium has widened to -$34/ounce. The next support levels in platinum – $996-956, resistance levels – $1011-1023. The palladium market has grown to $1036/oz in correlation with the growth in the stock market, then the price dropped to $1021. The next support levels in palladium – $1014-997, resistance levels – $1036-1083. According to customs statistics of Swiss imports of platinum into the country in January 2018 amounted to 632 tons, export – 2017 tons. The main supply of platinum was produced from South Africa. Import of palladium amounted to 466 tons, export – 1269 tons. The main recipient of palladium was Germany.
Analyst of commodity markets,