Safe-haven demand raises precious metal prices

The prices of precious metal have soared in the previous month, led by platinum which rose by almost 12% m/m in US dollar terms. Gold and silver prices increased by 11% and 9% respectively, as demand for safe-haven was strengthened due to declining global equity markets and rate hike expectations from the Fed.

Safe-haven demand benefited gold and silver, as they witnessed a rise in their net-long positioning. Platinum net-long positions increased by 26% m/m and palladium net-long positions rose by 42% m/m.