Gold prices made some modest gains in the week as the passage of a U.S. stimulus bill stoked inflation risks, although a resultant bounce in Treasury yields and the US Dollar index kept gains in check. Rhodium base prices eyed $30,000/oz last week before easing off gains with prices in correction mode, although main price drivers continue to be the short supply as well as strong industrial demand of the metal.
After a brief rebound earlier in the week, nickel’s decline continued as the market digested the news of potential wave of battery-grade nickel. Tsingshan Holding Group announced that they had started producing a battery-grade form of nickel from low-grade saprolite ore, easing worries of battery-grade nickel supply shortages. Tight supply conditions continue to support tin prices with the metal leading in gains for the group firming by 16.4%.