Precious metals ended higher across the board on Tuesday
According to the data of Standard Bank, precious metals ended higher across the board on Tuesday as platinum surged back towards $850 and the other metals posted solid gains. Gold tracked the euro higher in Asia, reaching $398.50 before easing to $397.15 at the morning fixing in London and it opened around $397 in New York. Stronger than expected April US Consumer Confidence data (92.9 versus expected 88.0) sparked a brief sell-off taking the price to a low of $396.20, where good buying emerged on the floor and a quietly firm afternoon saw gold rise to a high point of $399.10 before ending the day up $2.50 at $398.50 bid. Gold has stabilized well following the recent wave of Fund liquidation with strong physical demand a key factor, however this sector is price sensitive and any rally back above $400 is likely to stall the buying interest. On the charts $390 remains a major point of support and on the upside a band of resistance is located between $402 and $405. Silver was steady in London, reaching a high of $6.29, however it fell back to a low of $6.1850 following the US Consumer Confidence data. A quiet afternoon saw the price rise to $6.2250 bid, a gain of 6 cents on the day. Technically silver is underpinned by support located at $6.10 and $6.00 and the gap on the charts between $6.60 and $6.80 remains of interest to chart watchers. Platinum staged a strong rally in Tokyo with the market rising to $848 by the AM fixing in London and the steady tone was maintained in early New York trading with the PM benchmark set at $850. However liquidation set in after the fixing and the price fell back to $837 bid by the close, representing a gain of $17 on the day. Palladium was uneventful with fixings of $278.50 and $278.00 and a close of $273 bid.