COMEX gold futures, per the August contract, settled higher by $4.40, or 0.3%, at $1,544.40 per ounce on Tuesday amid U.S. dollar weakness and ahead of Greece’s confidence vote.
In doing so, gold futures closed higher for the sixth straight day, and have now gained 0.6% this month following a 1.2% slide in May.
Andrey Kryuchenkov, an analyst with VTB Capital, wrote in a note to clients that “At the moment, the biggest downside risk to gold would be a strong dollar rebound and easing euro-zone peripheral debt jitters, though the chances of both events happening simultaneously are still very small in the short run.”
Other metals posted gains as the U.S. Dollar Index (DXY) fell 0.6% to 74.55. Silver futures outpaced the yellow metal, with the July COMEX contract climbing $0.31, or 0.9%, to $36.38 per ounce.
Copper rose 0.4% to $4.09 per pound, platinum advanced 1.0% to $1,747.20 per ounce, and palladium rallied 2.6% to $767.25 per ounce.
Platinum Group Metals Reports Acceptance of WBJV Mining Rights Application
Platinum Group Metals (PLG.NYSE AMEX) announcement that the South African Department of Mineral Resources (DMR) has accepted the Company’s application for a mining right for the WBJV Project 1 Platinum Mine. This development indicates that the company has complied with submission requirements and can now proceed with the completion and submission of its Environmental Impact Assessment (EIA) and Environmental Management Programme Report.
On March 28, the emerging platinum producer received the consent of the South African Department of Mineral Resources for the company's detailed underground development plans and environmental management program, including the mining of a bulk sample. Civil engineering contractors are mobilizing and development is advancing on the project, which is strategically located on the world’s most prolific platinum-producing belt.
Platinum Group Metals is also conducting exploration work on its Canadian properties located near Thunder Bay, Ontario. Full Platinum Group Metals News Release.
PLATINUM TO FOLLOW SILVER?
