Precious metal miners lose some shine after hawkish Fed outlook

Platinum Metals

18/06/2021 20:58

** Shares of mining companies fall, tracking prices of
precious metals lower 
    ** Precious metal prices hit by a stronger dollar on the
back of the U.S. Federal Reserve's hawkish outlook  GOL/  
    ** Spot gold  XAU=  heads for worst week in over a year,
losing 0.1% to $1,770.34 per ounce
    ** "Serious near-term technical damage has been inflicted in
gold and silver this week ... including more selling pressure in
the near term, possibly gold dropping below $1,700" - Kitco
Metals senior analyst Jim Wyckoff tells the Reuters Global
Markets Forum
    ** Newmont Corp  NEM.N  loses 1.4%, U.S.-listings of Barrick
Gold  ABX.TO ,  GOLD.N , Kirkland Lake  KL.N  and Kinross Gold
 KGC.N  lose between 0.7% and 3.3% 
    ** Silver  XAG=  loses 0.3%, silver miner Coeur Mining
 CDE.N  drops 3.4%, iShares Silver Trust ETF  SLV.N  loses 0.3% 
   
    ** U.S. listing of platinum miner Platinum Group Metals
 PLG.N  loses 4.9%, Aberdeen Standard Physical Platinum Shares
ETF  PPLT.N  drops 1.6%; platinum  XPT=  falls 1.7% near
five-month lows
    ** Palladium  XPD=  loses 1.3%, set for biggest weekly fall
since March 2020; Aberdeen Standard Physical Palladium ETF
 PALL.K  loses 1.6%
    ** "Positive news for precious metals bulls is that the
hawkish Fed stance is actually a longer-term bullish element,
for metals as they are a hedge against rising and problematic
inflation" - Kitco's Wyckoff

 (Reporting by Lisa Pauline Mattackal in Bengaluru)
 ((LisaPauline.Mattackal@thomsonreuters.com;+919945309224;
Twitter: https://twitter.com/LPM94))))