COMEX gold futures, per the August contract, settled lower by $32.90 at $1,520.50 per ounce on Thursday amid widespread weakness in commodities.
The 2.1% slide in gold futures was its worst single-day performance in six weeks, since a near 3% tumble on May 5.
Silver plunged as well, by $1.78, or 4.9%, to $34.96 per ounce in afternoon trading. This marked the largest drop for gold’s sister precious metal since a 5.0% tumble on May 16.
Crude oil plummeted below $90 for the first time since February after the International Energy Agency (IEA) announced it would make more oil available to help offset the loss from the ongoing turmoil in Libya. In afternoon trading, crude oil recovered a portion of its losses, but remained lower by $4.48, or 4.7%, at $90.93 per barrel.
Copper held up relatively well compared to other commodities, but was still down $0.05, or 1.2%, to $4.04 per pound.
Platinum and palladium futures lost 3.3% and 3.5%, respectively.
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?
