GOLD / SILVER
Gold inched higher overnight after making strong gains on Wednesday. The market has clawed back about half of its losses from last week’s high to Monday’s low. September silver was lower, and its recovery has not been as impressive. The CPI and core CPI readings yesterday reflected relatively high inflation levels, but they did not show a significant increase from the June numbers, and this helped the metals find their footing.
PALLADIUM / PLATINUM
September Palladium has been in a coiling pattern since mid-July, and it is alone among the precious metals in that has not suffered a steep selloff this past week. October platinum has made consistent gains since falling to a nine-month low on Monday, and it managed a move above the key $1000 level on Wednesday.
Copper prices have been grinding their way higher this week as they have benefited from positive US demand developments and bullish Chilean supply issues. September copper shook off early pressure on Wednesday and went on to post a moderate gain, with some follow-through overnight. The approval of the Senate’s $1 trillion bipartisan infrastructure bill is expected to boost US copper demand over the next few years, and this has provided the market with underlying support.
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