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Precious Metals Underwater as Dollar, Yields Rally

COMMODITIES
  • The USD's Friday strength has kept a lid on the commodity complex, keeping precious metals under pressure and preventing energy products from any meaningful show above the Thursday highs.
  • Both gold and silver underperform early Friday, with silver the real laggard with losses of 2%. This has stabilised the gold/silver ratio, which had traded heavy since the beginning of the week, but remains in a 2021 downtrend.
  • WTI and Brent are broadly unchanged, but made an early effort to progress through Thursday's highs and resume the overriding uptrend. This soon faltered on persistent greenback strength, leaving the technical outlook unchanged for oil.
  • Focus turns to US data later today, with US PPI and prelim Uni. of Michigan numbers due.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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