“Gold positioning was little changed but silver speculators covered more shorts in comparison to longs that liquidated, while platinum and palladium speculators added length and covered shorts,” TD Securities analyst noted.
Key quotes
“Stabilizing emerging markets and President Trump’s tariffs on China being interpreted as less impactful than previously feared spurred risk-on markets and a weakening in the greenback, which ultimately persuaded precious metal traders to add back length.”
“But, with the trade situation still very uncertain and the Fed set to increase interest rates next week, we do not anticipate any substantial rally or increased spec positioning in precious metals.”
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