Platinum prices fluctuated in a narrow sloping range towards the rise during the Asian session, to witness its retracement of the fourth session from its lowest since late March, overlooking the bounce of the US dollar index for the second consecutive session from its lowest since the 18th of the same month according to the inverse relationship between them following developments and economic data They were followed by the Chinese economy, the largest consumer of minerals in the world and the largest industrialized country in the world, and on the cusp of economic developments and data expected on Friday on the US economy, the largest in the world.
At exactly 05:59 am GMT, platinum prices rose 0.43% to currently trade at $ 1,203.02 per ounce compared to the opening at $ 1,197.82 per ounce, knowing that platinum prices started the session on a rising price gap after yesterday’s trading ended at $ 1,197.81 per ounce. While the US dollar index rose 0.08% to 91.73 compared to the opening at 91.66.
We have followed up on the disclosure of the National Bureau of Statistics of China on the seasonally adjusted reading of the gross domestic product, which showed a slowdown in the pace of growth of the largest economies in Asia and the second largest in the world to 0.6% compared to 3.2% in the last fourth quarter, worse than the expectations that indicated a slowdown in growth to 1.5%, While the annual reading of the same index indicated that growth accelerated to 18.3%, in line with expectations, compared to 6.5% in the previous annual reading for the fourth quarter.
We also followed the disclosure of the annual reading of the retail sales index, which showed an acceleration of growth to 34.2% compared to 33.8% in February, beating expectations of 28.0%, while the annual reading of the industrial production index showed a slowdown in growth to 14.1% compared to 35.1% in February. February, worse than expectations at 18.3%, and the unemployment rate reading showed a decline to 5.3% from 5.5% in February, beating expectations of 5.4%.
On the other hand, investors are waiting for the US economy to unveil the housing market data, with the release of both the Housing Starts Index and the Building Permit Index, and amid expectations that the building permits reading will reflect an increase to about 1.75 million permits compared to 1.72 million permits in February. The home start-up reading may also indicate an increase to about 1.60 million homes, compared to 1.42 million in February.
Down to the disclosure by the largest economy in the world of consumer confidence data, with the release of the preliminary reading of the University of Michigan Consumer Confidence Index, which may show an expansion to a value of 88.9 compared to 84.9 last March, in conjunction with the disclosure of consumer expectations about inflation for one year. Next and five years to come.
Other than that, we followed last Tuesday the White House reported that the American vaccination campaign is still on the right track despite the suspension of Johnson & Johnson doses due to health concerns, after more than 6.8 million doses of Johnson & Johnson vaccine were administered in the United States recently. Which, in one way or another, has reduced investor anxiety about a setback on the coronavirus vaccination front.
In the same context, Moderna also announced last Tuesday that its coronavirus vaccine was more than 90% effective in protecting against corona and more than 95% effective against the virus up to six months after the second dose, and according to the latest figures issued by the organization, the number of cases has increased. Coronavirus infected nearly 137.87 million and 2,965,707 people have died in 223 countries.
We would like to point out that 41% of the global demand for platinum comes from the automotive industry, which has been recently affected, especially in Europe by the consequences of the outbreak of the Coronavirus, while 31% of the demand for platinum comes from the jewelery sector, which has recently witnessed a recovery due to the significant decline in platinum prices. In front of gold to less than half recently, despite the fact that platinum is 30 times rarer than gold, and at the beginning of this century it was twice the price of gold.