Gold prices are under pressure

After the first resumption of the premium for gold since September last year, the spread between platinum and gold has reached about $30 yesterday (March 14).

Due to better retail sales and the FOMC statement played down the possibility of the Fed’s QE3, gold prices fell under pressure on Tuesday.

The Bank of Japan slightly raised its assessment of the economy, saying that industrial output and utility spending have begun to show signs that the economy will accelerate growth.

The world’s largest gold exchange deal ** As of March 13, the gold holdings decreased by 0.41 tons to 1,293.27 tons.

The Fed announced that it will maintain the Federal Reserve interest rate unchanged in the 0-0.25% range. The Fed expects that the U.S. economy will maintain a moderate growth and the unemployment rate will gradually decline, and QE3 is expected to cool down.

International rating agency Fitch announced that it confirmed the British AAA sovereign rating, but lowered its rating outlook to negative, mainly based on the country's high debt and the size of the deficit concerns.

The outstanding performance of PGMs indicates that economic growth has played a greater role in industrial metals than safe-haven assets.

Recently, platinum performed better than gold prices. In addition, funds continue to flow into ETFs, which may further boost platinum prices.

Since the beginning of the year, platinum ETF positions have increased by 106,000 ounces or 8%.

At 09:16 GMT, today’s gold price is reported at US$1,639.95/oz.

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