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Precious Metals Soaring, Gold Hits Highest Since November

METALS
  • Notable rally across a number of precious metals in US hours, with Gold higher by over 1.5%, silver higher by 3%, platinum higher by 5.3% and palladium up a solid 6.7%.
  • This puts most of these prices at the best levels since November, and are benefiting from the modest USD weakness posted across the morning (although they saw little downside from the greenback rally earlier in the week) as well as the slide across the US yield curve.
  • Further tailwinds stem from the weakness in equity markets since the beginning of the week, particularly in growth/tech names, as the NASDAQ comp officially enters correction territory (10% off the November high).
  • The inflation backdrop also adds to the bid, with Canadian and UK CPI data today coming in at fresh multi-decade highs - and ahead of expectations.

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