GOLD / SILVER
Gold gained a bit overnight as the market just doesn’t know what to make of the Omicron variant. More comments by the Moderna CEO expressing his concerns about the efficacy of their vaccine against the new variant has brought a risk off mood to the markets, which seems to be supporting gold. On the other hand, silver is slightly weaker. March silver saw a fresh lower low for the move on Monday, leaving the technical and fundamental outlooks bearish.
PALLADIUM / PLATINUM
The PGM sector has fallen back on the defensive this morning in the wake of the comments by Moderna’s CEO regarding his concerns about the Omicron variant. Platinum has fared worse than palladium, as it fell below Friday’s low to its lowest level in two months. March palladium has rejected the $1,700 level two days in a row, and that level becomes key support today.
Copper prices have managed to stay within an inside range coming into this morning, as any support from the plus-50 NBS Chinese manufacturing PMI result was erased by the Moderna CEO comments. While the Monday gains off the Friday spike low were not fully sustained, the copper market apparently sees the threat of tighter supply as a more significant impact on prices than the prospects of slumping global demand from renewed lockdowns or activity restrictions.
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