Gold Holds Firm While Silver and Platinum Waver

¤ Gold remains trapped in a broad USD 3,950–4,200 range as investors weigh the inflationary impact of higher energy prices against the longer-term risks to economic growth.

¤ Softer-than-expected US inflation briefly lifted bullion above USD 4,100 before renewed strength in oil prices and fresh Middle East tensions shifted attention back to inflation and Federal Reserve policy.

¤ Investor liquidation appears to have largely run its course, with ETF holdings stabilising, while continued central bank purchases provide an important layer of underlying support.

¤ Silver and platinum continue to lack conviction as uncertainty over growth and interest rates clouds the outlook for the broader precious metals complex.