Morning Bites (Part 2)

🚘US light vehicle sales were up 5% YoY in February from a low base, slightly ahead of the 4% YoY growth in January but still 12% less than the 2019 level. Seasonally adjusted sales volumes increased 6% YoY in February (-11% vs. 2019). Generally, market participants in the US continue to be concerned about inflated car prices and high loan payments, along with growing interest rates. This might keep car sales on the domestic market under pressure in 2023 and, therefore, mean the demand for PGMs from the automotive sector remains subdued

📈Gold-backed ETFs increased their holdings 22t in mid-March, according to Bloomberg, after the recent series of outflows. In addition, this was the highest weekly build-up since March 2022. Overall, the news might imply a positive read-across for the sentiment on gold: ETFs sales have been the main factor pressuring the metal’s performance, despite the strong physical gold demand in 4Q22

#ETF #gold #cars
https://metals-wire.com:3000/news-reports