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Precious Metals Losses Led by Silver

PRECIOUS METALS
  • Precious metals coming under a little pressure in early Thursday trade, with losses led by silver. Decent uptick in volumes for silver futures alongside the European open (volumes for the Mar-23 silver future now around 50% ahead of average for this time of day) coincide with an extension of the two-day move in the gold/silver ratio - now touching 79.50 and nearing a one-month high as well as the 50-dma.
  • Few drivers or material newsflow to prompt the move in precious metals so far today, but worth noting the continued ETF selling of gold and silver since the turn of the year - BBG note that ETFs have been selling gold for 4 consecutive sessions - the longest streak since early November last year.
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