Silver, Platinum and Palladium also decline - Commerzbank

Silver, Platinum and Palladium initially rose after the tariff announcement yesterday, but subsequently also came under pressure in the wake of Gold, Commerzbank's commodity analyst Carsten Fritsch notes.

Gold/Silver ratio is still very high at just under 100

"Although they lost slightly less than Gold, with the exception of Palladium, the price development is still disappointing. An easing of the trade conflict should actually have led to a price increase. After all, the previous escalation in tariffs had weighed on the prices of the three precious metals mentioned."

"This was the only explanation for the significantly poorer price performance of Silver, Platinum and Palladium compared to Gold in recent weeks. Silver and Palladium are still trading below and Platinum at the level of early April, while Gold is still trading noticeably higher despite the recent decline."

"The Gold/Silver ratio is still very high at just under 100, as are the price ratios of Gold to Platinum and Palladium at well above 3:1. Scepticism that there will be a lasting solution to the tariff conflict obviously still prevails."