According to the gold ETFs tracked by Bloomberg, inflows of 2.4 tonnes were registered yesterday, indicating that holdings have grown by 16 tonnes since the start of 2016. Gold is faring much better than all other commodities even if it has slid lower than the mark of $1100 per troy ounce. Gold price has grown considerably in certain local currencies, such as the South African rand, due to sharp decline in several other currencies.

Platinum in particular is being weighed on by the weaker rand. At present, platinum is at $260 per troy ounce, a record high discount, as compared with gold. Currently, the price of platinum is slightly more than its seven-year low it reached in December. Meanwhile, the price of palladium is significantly weakening. For one time today in the morning, the price of the metal declined to $450 per troy ounce, its lowest since August 2010.

Palladium is mainly used in the automotive industry. The metal's price is not being helped by strong car sales figures of China, which touched record levels last year.