Platinum prices fluctuated in a narrow range tilted to the downside during the Asian session, to witness its rebound to the fifth session in nine sessions from its highest since June 16, amid the positive stability of the US dollar index, according to the inverse relationship between them on the cusp of developments and economic data expected today, Tuesday, about the largest American economy. economy in the world and with markets pricing in the developments of the Corona pandemic.
At exactly 06:19 am GMT, platinum prices fell 0.50% to currently trade at $1,060.72 an ounce, compared to the opening at $1,066.00 an ounce, knowing that platinum prices started the session’s trading on a bearish price gap after it concluded yesterday’s trading at $1,066.50 an ounce. And with the US dollar index rising 0.01% to 92.63 compared to the opening at 92.62.
Investors are currently waiting for the US economy to reveal a reading of the durable goods orders index, which represents about half of consumer spending, which represents more than two-thirds of the US gross domestic product, which may reflect a slowdown in the growth rate to 2.1% compared to 2.3% last May. While the core reading of the same index may show an acceleration of growth to 0.8%, compared to 0.3% in May.
This comes before we witness the disclosure of housing market data, with the release of the house price index reading, which may reflect a slowdown in the pace of growth to 1.6 percent, compared to 1.8 percent in last April, in conjunction with the release of the annual reading of the Standard & Poor’s Composite-20 house price index, which It may show an acceleration of growth to 16.1% compared to 14.9% in April.
Leading to the disclosure by the second largest industrial country in the world of industrial sector data with the release of the Richmond Industrial Index reading, which may show a contraction in the breadth to 20 compared to 22 last June, in conjunction with the disclosure of the consumer confidence index reading, which may clarify Widening to a value of 123.9 compared to 127.3 in June.
This comes in conjunction with the activities of the Federal Open Market Committee meeting today and tomorrow, Wednesday, during which interest rates are expected to remain at their lowest ever, between zero and 0.25%, and the bond purchase program of more than $ 120 billion per month, before the press conference. Which will be held by Federal Reserve Governor Jerome Powell tomorrow, half an hour after the end of the meeting, to comment on the decisions and directions of the committee.
Other than that, the concerns of investors about the situation of the Corona virus in the Asia-Pacific region still exist in one way or another, and we would like to point out, because some report indicated that the number of people infected with the coronavirus in China has reached its highest level since January, as announced Yesterday, the local Yonhap Agency in South Korea said that the second-highest level of restrictions for the Corona need will be applied to non-capital areas from today.
It is reported that the Director-General of the World Health Organization, Tedros Adhanom, noted last Wednesday that the world is in the first stage of another wave of infections and deaths from the Corona virus, explaining that the global failure to share vaccines, tests and treatments is fueling a two-track pandemic, countries that have sufficient resources such as vaccines are opening up, in While some other countries are shutting down in an effort to slow the spread of the coronavirus.
Speaking at the time to the members of the International Olympic Committee in the Japanese capital, Tokyo, which launched the Olympics without an audience in Japan last Friday, Adhanom said that the contradictions in vaccines around the world hide a terrible injustice, and that the epidemic is a test and the world fails, explaining that the longer the epidemic continues, the greater the turmoil. He added that the global threat of the epidemic will remain until all countries deal with the disease.
Adhanom warned that after nineteen months of the outbreak of the Corona virus and seven months since the approval of the first vaccines, we are now in the first phase of another wave of infections and deaths, and it is reported that he expressed earlier this month that the conditions related to the Corona pandemic are worsening, explaining at the time The delta mutant strain may soon become the world’s dominant version, putting much and global recovery at increased risk.
According to the latest figures issued by the World Health Organization, which were updated last Friday at 04:28 pm GMT, the number of cases infected with the coronavirus has increased to more than 194.08 million infected cases, and about 4,162,304 people have died, while the number of vaccine doses given, according to another An update by the organization as of Monday, approximately 3,695 million doses.
We would like to point out that 41% of the global demand for platinum comes from the automotive industry sector, which was recently affected, especially in Europe, as a result of the consequences of the outbreak of the Corona virus, while 31% of the demand for platinum comes from the jewelry sector, which recently witnessed a recovery due to the noticeable decline in platinum prices against Gold has fallen below 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.