Precious Metals Bounce Back

Precious metals have regained their footing today and have started to rebound from the weakness of the last few days. Gold is up 6.3%, Silver is up 13.5%, Platinum is up 6.8%. Commodities are also climbing again this morning with Copper up 4.7% and Crude Oil up 0.6%.

The recent rebound in the US Dollar appears to have paused this morning. The Australian Dollar, meanwhile, is rallying, climbing 0.9% after the Reserve Bank of Australia raised its overnight rate by 0.25% to 3.85% as expected. This was the first Australian rate hike since November of 2023. 

The response to earnings overnight has been mixed. Palantir Technologies is up 11.0% in premarket trading with growing AI demand helping the data analytics software producer to beat the Street ($0.25 vs Street $0.23). Drugmaker Pfizer, on the other hand, is down 4.8% premarket, despite beating expectations, as investors focused on softening sales results and guidance. Later today results are due from Suncor Energy, Advanced Micro Devices*, Super Micro Computer, Electronic Arts, and Prudential Financial.

Building on yesterday’s US index gains of 0.5%-1.0% led by the Dow, US index futures are trading flat to up 0.5%, led by the NASDAQ. In Europe today the DAX is up 0.2% and the FTSE is down 0.7%. 

*Shares of Advanced Micro Devices are held in portfolios managed by SIA Wealth Management

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