Key Factors Behind Platinum’s Recent Price Retreat
On Monday, the price of platinum shed 2.15%, bringing the cumulative week-to-date loss to about 9%. Several factors explain this downward pressure on the precious metal, and we explore some of those key factors below. The hawkish monetary outlook by the U.S. Fed has created a major macroeconomic headwind for not just platinum but all precious metals. Persistent inflation has prompted the Fed to consider keeping lending rates higher for longer in order to put a lid on sticking inflation. In the recent FOMC meeting, several members of the Fed signaled support for raising interest rates later this year. Elevated…