Precious metals decline as Eurozone stocks gain

Thursday, 21. February 2019 09:57

Spot gold traded slightly in the red on Thursday while investors were waiting for updates from unofficial talks between the United Kingdom and the European Union about the country's withdrawal. Chancellor of the Exchequer Philip Hammond claimed there was progress on the nature of the so-called Northern Ireland backstop, for which Britain demands guarantees that it would be temporary. He added there is more willingness to find a solution both in Brussels and by domestic lawmakers as the March 29 deadline nears.

Stocks in the Eurozone traded modestly higher but equities on the London Stock Exchange suffered losses. The dollar suffered moderate losses and both German and UK sovereign bonds sold off, pushing yields higher.

The yellow metal was 0.2% lower at 9:56 am CET, changing hands for $1,336.12 per ounce. Silver was 1.1% below the flat line at $15.9 and platinum dipped 0.58% to $823.02 for one troy ounce. Palladium slipped from the all-time high, trading 1.01% down at $1,475.2 per ounce.

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