Not surprisingly, the platinum market has shown little in the way of definitive direction since the large washout in the middle of June, as physical demand is not expected to ramp up until the auto sector chip shortage is ended and the opening-up of Europe sparks an expansion in diesel vehicles sales.
However, both metals should continue to draft support from further declines in US Treasuries, as the precious metal trade seems to attach a higher level of importance to falling interest rates than to strength in the US dollar.
While not a major bearish issue yet, reports of a surge in delta variant infections in Asia and in pockets of the US emboldens sellers and discourages bargain-hunting.