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Platinum Stumbles After High With Caution on Recovery Outlook

  • Metal extends decline from a six-year high reached this month
  • Gold swings after Powell signals Fed to keep buying bonds
Russian Gold Bar Production At Ural Mining And Metallurgical Co.
Photographer: Andrey Rudakov/Bloomberg
Updated on

Platinum had the biggest intraday drop in six weeks, extending a decline from a six-year high reached earlier this month amid concern that economic recovery prospects are already priced into some equities and metals.

Most precious and industrial metals slipped Tuesday, even as the dollar slipped. U.S. stocks pared the worst of their losses after Federal Reserve Chairman Jerome Powell signaled that the central bank was nowhere close to pulling back on its support for the U.S. economy.