Precious metals take a pounding over Iran war and rate jitters
This may not be the buying opportunity many had hoped for, as prices could trend lower.
Precious metals stocks took a beating last week as hopes of a resolution to the Iran war and the reopening of the Strait of Hormuz receded once again – repeating a pattern witnessed numerous times over the last six weeks.
The FTSE/JSE Resource 10 index ended the week nearly 7% down, dragged lower by weaker lower precious metals prices. Spot gold traded at $4 540 an ounce (oz) on Friday, down more than 4% for the week. Platinum prices receded 3.5% last week, with palladium losing nearly 7%.
