"In reality, the recent weakness probably has little to do with platinum itself. The market is very sentiment-driven right now. And given platinum's lack of internal catalysts to drive its own price action in the near-term, it is instead looking to gold for direction," UBS strategist Edel Tully said.
Prices in platinum have recently broken the $1,100 level and according to Tully, there is a risk of a downtrend in it stays under that price.
"We don't think platinum deserves to trade below gold for a sustained
period. That nearly everyone is bearish platinum right now should be a
warning in itself that we may be nearing an inflection point," she
added.
Meanwhile, analysts suggest that recently gold has been struggling to drop correlation with the U.S. dollar, but as bond and equity volatility persist, investors' are focusing on its safe-haven potential. Kitco News says however that gold gained nothing on the safe-haven play from the unsettled Greek debt problem today.
However, the general trend for 2015 is positive.
"It would be wrong to conclude that the outlook for the gold market over the remainder of 2015 and beyond depends solely on the evolution of U.S. monetary policy, and that Fed tightening can only mean lower prices," said head of commodities research at Capital economics, Julian Jessop, adding that safe-haven demand and buying from key emerging markets can more than offset headwinds from developments in the U.S.
