Platinum set for weak finish today; down 2.02% to $1,045.2 per troy ounce with 3 hours before close

Published: January 25 2023, 19:55 GMT+0

Platinum set for weak finish today; down 2.02% to $1,045.2 per troy ounce with 3 hours before close

Platinum weakened earlier in the day, before moving away from its $1,038.6 low and recovering back to $1,045.2 per troy ounce.

Highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

Amid the market gloom, United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

Taking a look at other Metals commodities, negative performances are evident as Palladium is down to $1,688, losing $47.5, after closing at $1,735.5 in the preceding trading session.

Though the Platinum future has been dropping, other Metals have been performing better: Silver is up 0.95%. Having closed the previous session at $1,935.4, Gold is up 0.36% today to currently trade at around $1,942.3.

Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders projected to decline to -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. As things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of 2.6, following on from the preceding figure of 3.2. New data is set to be published tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 205,000 from the preceding figure of 190,000.

The Platinum future hit a significant low of $805.5 around 4 months ago, but has since recovered 32.44%.

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