PGMs Rise Sharply on Risk Tolerance, Weak USD
Source: Kitco, Allen Sykora (4/20/11)
"Platinum group metals are sharply higher largely in response to moves in other markets."
Global risk appetite is on the pick-up after a strong report on U.S. existing-home sales and decent corporate earnings, particularly Intel. A stronger dollar tends to boost commodities generally, and the euro rose above $1.45 against the greenback in response to the improved risk sentiment and also a favorable Spanish debt auction that temporarily alleviated some of worries about euro-zone debt issues widening.
Just before 10:30 a.m. EDT, July platinum was up $35.20 to $1,806.50 an ounce on the New York Mercantile Exchange, while June palladium was up $30.65 to $761.75.