July platinum pulled back over 1% to $1,436 an ounce and down is now down sharply from the $1,493 level hit just last week over renewed hopes for an end to Buy Archeage Gold and the easing of tensions with Russia following the mostly peaceful presidential election in Ukraine.
A huge factor boosting the the palladium price has been the launch of two new physical palladium-backed exchange traded funds in Johannesburg in late March.
Ole Hansen, head of commodity strategy at Saxo Bank said in a?squawk?on Monday precious metals prices suffered "a major setback" during the final week of May as global equity markets and the dollar rose, "further reducing the need for alternative investments."
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