Oil Pullback Helps Platinum Regain its Footing in Global Markets
Last week ended with platinum losing significant ground, and traders were beginning to think it would drop back to the $2,000 level. However, the recent cooling of oil prices on international markets eased the pressure on metal prices and platinum exhibited some recovery as this week started. Precious metals had been under intense pressure triggered by a confluence of three headwinds. The first was a firm dollar. When the USD appreciates, there is an inverse impact on precious metals because buyers who use other currencies now find it more expensive to acquire gold, silver and platinum priced in U.S. dollars.…