GOLD / SILVER
After a 2-day rally, the precious metals turned sharply to the downside on Friday, and they remained on the defensive with mild losses overnight. Continued strength in bitcoin, which climbed above the $62,000 level for the first time since April, has been a notable source of pressure on the precious metals. The dollar was stronger, and Treasury rates increased, adding additional pressure.
PALLADIUM / PLATINUM
Platinum and palladium were under moderate pressure overnight. This follows a steep selloff in palladium on Friday. Disappointing Chinese GDP data have been a source of pressure on the markets, as they do not bode well for Chinese vehicle sales during the fourth quarter. September US domestic auto inventories will be released this week.
Copper reached a new five-month high overnight, but it gave back much of those gains as the session progressed. Nonetheless, the market appears to be on-track for a fourth positive session in a row. A new 12-year low for weekly Shanghai exchange copper stocks provided a boost to prices on Friday, as did another decline in daily LME copper stocks. LME stocks fell again overnight, for the 20th draw in the past 21 sessions.
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