|Bid||5.61 x 200000|
|Ask||5.62 x 110000|
|Day's range||5.48 - 5.64|
|52-week range||2.80 - 5.96|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Earnings date||12 May 2021|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||07 May 2020|
|1y target est||11.78|
(Bloomberg) -- Platinum had the biggest intraday drop in six weeks, extending a decline from a six-year high reached earlier this month amid concern that economic recovery prospects are already priced into some equities and metals.Most precious and industrial metals slipped Tuesday, even as the dollar slipped. U.S. stocks pared the worst of their losses after Federal Reserve Chairman Jerome Powell signaled that the central bank was nowhere close to pulling back on its support for the U.S. economy.Platinum rallied to the highest since 2014 this month on bets that a recovery in industrial demand and stricter emissions rules will tighten supply of the metal used to curb pollution from cars and trucks. Prices have since lost more than 7%, with some investors cashing out after the metal slipped back below the key $1,300 an ounce level, according to Carsten Fritsch, an analyst at Commerzbank AG.Platinum’s “failure to regain $1,300 caused profit taking,” Fritsch said. The declines have been “driven by souring market sentiment, as visible in falling stock markets. It’s worth noting that platinum and palladium rather behave like industrial metals sometimes, given their large industrial use.”Spot platinum slid 2.6% to $1,242.51 an ounce at 3:15 p.m. in New York after falling as much as 4.9%, the biggest intraday drop since Jan. 11. Futures for April delivery on the New York Mercantile Exchange fell 3.3% to settle at $1,239.70 an ounce.Gold swung after Powell’s remarks. His semi-annual report at the Senate Banking Committee Tuesday and Wednesday at the House Financial Services panel will be monitored for further policy guidance and his assessment of the recovery.Bullion has fluctuated after a decline last week as traders refocus on rising inflation expectations and the potentially massive economic stimulus. Holdings in bullion-backed exchange-traded funds have seen steady outflows, with SPDR Gold Shares, the largest ETF backed by the metal, on Monday registering the biggest drop since November.Spot gold was down 0.2% at $1,805.98 an ounce. Palladium fell 2%, and silver was also down.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Commerzbank expects to lose 1.7 million customers by 2024 as part of its current restructuring, resulting in a 300 million euro ($364 million) hit to revenue, weekly Welt am Sonntag reported, citing sources close to the bank. The lender hopes to offset the drop by growing its loan business as well as by expanding its business with corporate and very wealthy clients, the report said, without giving any further detail of why customer numbers were expected to decline. Commerzbank declined to comment.
(Bloomberg) -- Gold fell to the lowest in more than two months as a stronger dollar and better-than-expected U.S. economic data diminished the appeal of the metal as a haven.U.S. retail sales surged in January by the most in seven months, beating all estimates and suggesting fresh stimulus checks helped spur a rebound in household demand. Production at manufacturers also rose by more than forecast, a fourth straight monthly advance that shows factories continue to recover from pandemic-related disruptions.Gold, which posted its biggest annual gain in a decade last year, headed for a fifth straight drop Wednesday as expectations for more economic aid and progress on vaccinations drive optimism over growth. The outlook is supporting yields and weighing on demand for non-interest-bearing bullion, while a bout of strength in the dollar curbs the allure of the metal as an alternative asset.The release of stronger-than-expected U.S. retail sales “put defensive assets like gold under pressure,” said Carsten Fritsch, an analyst at Commerzbank AG. “The rallying dollar and 10-year bond yields at 1.3% are other factors weighing on gold.”Further losses may be on the horizon after bullion’s 50-day moving average retreated below its 200-day counterpart, a so-called death cross pattern. Meanwhile, holdings in SPDR Gold Shares, the world’s largest bullion-backed exchange-traded fund, fell to the lowest since June. ETF purchases were a key driver of gold’s rally to a record in August and could further pressure prices if outflows are sustained.“A runaway rally in global bond yields has delivered a fatal blow to gold,” said Edward Moya, a senior market analyst at Oanda Corp. “Yields are rising on reflation bets, and that is triggering an unwind of many safe-haven trades.”Spot gold fell 1.2% to $1,772.58 an ounce by 1:47 p.m. in New York, after slipping 1.3% on Tuesday. A fifth straight loss would be the longest run since March. Futures for April delivery on the Comex fell 1.5% to settle at $1,772.80 an ounce. Silver, palladium and platinum also retreated. The Bloomberg Dollar Spot Index rose 0.3%, while Treasury yields fluctuated after touching the highest in a year.A key level for spot gold is about $1,765, a low reached in late November in the wake of optimism over vaccine announcements. A drop below that could pile further technical pressure on the metal.“The next 48 hours will be key to gold,” Ole Hansen, head of commodity strategy at Saxo Bank A/S, wrote in a note. “The fact it has been falling while inflation expectations have been going up is worrying and most likely due to the market expecting even higher yields and a stronger dollar.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.