The turmoil in global equity markets has weighed on the prices of the more industrial precious metals (PM) over the past month, with platinum and palladium recording the worst losses. In contrast, gold, and to some extent silver, have benefited from safe-haven demand. From a technical point of view, the outlook for PMs somewhat improved. However, sentiment in the futures and ETF markets remained subdued. Gold was again the exception, with both net long positions in futures markets and assets under management in the ETF market rising.
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