Palladium eyes biggest fall in two years; gold dips on US data

Palladium on Monday slumped about 7 percent, its biggest daily percentage drop in over two-years, while gold also fell as strong U.S. data improved investors’ appetite for riskier assets ahead of the U.S. Federal Reserve policy meeting. Spot palladium slid about 6.7 percent to $1,366.01 per ounce. It fell as much as 7 percent to a low of $1,361.5 earlier in the session, its biggest one day decline since January 2017. Spot gold fell 0.5 percent to $1,279.32 per ounce, while U.S. gold futures sett


Palladium on Monday slumped about 7 percent, its biggest daily percentage drop in over two-years, while gold also fell as strong U.S. data improved investors’ appetite for riskier assets ahead of the U.S. Federal Reserve policy meeting. Spot palladium slid about 6.7 percent to $1,366.01 per ounce. It fell as much as 7 percent to a low of $1,361.5 earlier in the session, its biggest one day decline since January 2017. Spot gold fell 0.5 percent to $1,279.32 per ounce, while U.S. gold futures sett
Palladium eyes biggest fall in two years; gold dips on US data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-29
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Palladium eyes biggest fall in two years; gold dips on US data

Palladium on Monday slumped about 7 percent, its biggest daily percentage drop in over two-years, while gold also fell as strong U.S. data improved investors’ appetite for riskier assets ahead of the U.S. Federal Reserve policy meeting.

Spot palladium slid about 6.7 percent to $1,366.01 per ounce.

It fell as much as 7 percent to a low of $1,361.5 earlier in the session, its biggest one day decline since January 2017.

“This dramatic sell-off is a bit technical in nature as we started sliding through some key support levels as an extension of the downside with exasperated long liquidation in the market,” said David Meger, director of metals trading at High Ridge Futures.

The metal, primarily used to curb harmful emissions from vehicle engines, has plummeted about 16 percent from a record high of $1,620.52 hit last month.

Spot gold fell 0.5 percent to $1,279.32 per ounce, while U.S. gold futures settled about 0.6 percent lower at $1,281.50 an ounce.

“The equities markets, at least in the U.S., are at new recent highs and we are seeing less need for the safe-haven status of the metal,” Meger said.

Global shares edged higher as the S&P 500 touched an intraday record after data showed U.S. consumer spending increased by the most in more than 9-1/2 years last month.

The recent uplift in equities has led investors to cut their exposure to gold, with holdings of SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, falling to its lowest since Oct. 19 at 746.69 tonnes on Friday.

Holdings have fallen by over 3 percent since the beginning of this month.

Speculators also increased their bearish wagers on COMEX gold in the week to April 23, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

“You’ve got a lot of people taking profits after a three-day run-up. But, a lot of people are going to take it easy as we have the Fed on Wednesday,” said Michael Matousek, head trader at U.S. Global Investors.

“That’s going to be big and everyone is going to take a big position before that in case something obscure comes out.”

The Fed will begin its two-day policy meeting on Tuesday. The central bank last month abandoned any interest rate hikes this year.

Elsewhere, silver fell 1.1 percent to $14.90 per ounce, while platinum dipped 0.2 percent to $893.


Company: cnbc, Activity: cnbc, Date: 2019-04-29
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Here’s why the price of this metal is setting records and is likely to go even higher

The metals market, in general, has gotten a boost of bullishness on hopes for a trade deal and expectations that China’s economic stimulus is going to help the world economy. Citigroup analysts this week said they are bullish on metals, but particularly so for copper, palladium, iron ore and zinc. In 2018, 8.7 million ounces of palladium out of a 10 million ounce market went to the auto industry, she said. The demand side is still robust even though we’ve been seeing slowing auto sales in China


The metals market, in general, has gotten a boost of bullishness on hopes for a trade deal and expectations that China’s economic stimulus is going to help the world economy. Citigroup analysts this week said they are bullish on metals, but particularly so for copper, palladium, iron ore and zinc. In 2018, 8.7 million ounces of palladium out of a 10 million ounce market went to the auto industry, she said. The demand side is still robust even though we’ve been seeing slowing auto sales in China
Here’s why the price of this metal is setting records and is likely to go even higher Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: patti domm, barcroft media, getty images
Keywords: news, cnbc, companies, ounces, demand, price, heres, records, ounce, setting, sales, world, market, auto, likely, metal, palladium, higher, stricter, metals


Here's why the price of this metal is setting records and is likely to go even higher

Palladium is outshining other metals due to tight supply and strong demand from the global auto industry, which needs increasing amounts of the metal to meet stricter emissions standards.

The metals market, in general, has gotten a boost of bullishness on hopes for a trade deal and expectations that China’s economic stimulus is going to help the world economy.

Palladium hit a record in the spot market Wednesday, when it briefly crossed $1,500 per ounce. Palladium futures for March briefly touched $1,479 per ounce.

“It’s commanding right now a 120 or so premium to gold, and it’s also something like 1.8 times the price of platinum, so it does look very high. The problem is it’s never been up here before. We’re in new territory and it has a sort of sentiment, attracting a large investment element right now, which may have pushed the price away from equilibrium,” said James Steel, precious metals analyst at HSBC. “This market has been strong for many quarters and it is operating under a production deficit.”

Palladium futures are up 22 percent since the beginning of the year, double the move in copper and four times the move in gold. Gold futures were trading at about $1,350 per ounce Wednesday.

Citigroup analysts this week said they are bullish on metals, but particularly so for copper, palladium, iron ore and zinc. They expect 8 percent to 15 percent upside over the next three to six months.

“We see the ‘macro’ and ‘micro’ combining to drive outperformance in these markets, while broader commodities may rise albeit to a lesser degree on an anticipated improvement in macroeconomic sentiment. Major downside risks to our view are that Trump levies further new trade tariffs on China or a hard Brexit occurs,” wrote the Citigroup analysts.

Palladium is used in catalytic converters, which are a part of auto exhaust systems. Standard Chartered analyst Suki Cooper said world wide auto makers are seeing stricter emissions standards, increasing the demand for the exhaust control devices and therefore, the precious metal. In 2018, 8.7 million ounces of palladium out of a 10 million ounce market went to the auto industry, she said.

“We would expect to see some correction, some profit-taking along the way,” said Cooper. But with palladium producers unable to add capacity for several years, the market will be tight and the trend for prices is higher.

“We are forecasting partial deficits for the next couple of years,” she said. “There is limited supply growth. The demand side is still robust even though we’ve been seeing slowing auto sales in China and the U.S. It’s the environmental regulations that had a much larger impact on overall demand.”

There currently is no real, easy replacement for the palladium, 75 percent of which is mined in Russia and South Africa. Cooper said even though car sales are slowing, emissions laws are getting stricter all over the world. Drivers have also been moving away from diesel fuel to gasoline cars, which require more palladium. Electric vehicles do not use palladium but hybrids do, analysts said.

Steel said it’s conceivable platinum could take the place of some palladium. “It would take several years. The two metals are in the same group,…but the two do act differently at different temperatures,” he said.

Cooper said average palladium loadings have risen globally, even as auto sales have dipped, often a sign of weaker demand for palladium. ” From an auto manufacturing standpoint, they need to meet the standards. First and foremost they need their cars to be compliant. Then they look for cost savings.” she said.

Analysts say the market was helped by the fact that ETFs that held the metal were liquidated by investors who made large profits over the years. “Part of the tightness was alleviated in 2018 because there was all of these ETF outflows and some producers released stocks,” she said. One of those ETFs is Aberdeen Standard Physical Palladium Shares ETF PALL.

But ETFs now hold just 700,000 ounces after releasing more than 2 million ounces over the past several years, she said. “You could see more ETF redemptions,” she added.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: patti domm, barcroft media, getty images
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Here’s why the price of this metal is setting records and is likely to go even higher

The metals market, in general, has gotten a boost of bullishness on hopes for a trade deal and expectations that China’s economic stimulus is going to help the world economy. Citigroup analysts this week said they are bullish on metals, but particularly so for copper, palladium, iron ore and zinc. In 2018, 8.7 million ounces of palladium out of a 10 million ounce market went to the auto industry, she said. The demand side is still robust even though we’ve been seeing slowing auto sales in China


The metals market, in general, has gotten a boost of bullishness on hopes for a trade deal and expectations that China’s economic stimulus is going to help the world economy. Citigroup analysts this week said they are bullish on metals, but particularly so for copper, palladium, iron ore and zinc. In 2018, 8.7 million ounces of palladium out of a 10 million ounce market went to the auto industry, she said. The demand side is still robust even though we’ve been seeing slowing auto sales in China
Here’s why the price of this metal is setting records and is likely to go even higher Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: patti domm, barcroft media, getty images
Keywords: news, cnbc, companies, ounces, demand, price, heres, records, ounce, setting, sales, world, market, auto, likely, metal, palladium, higher, stricter, metals


Here's why the price of this metal is setting records and is likely to go even higher

Palladium is outshining other metals due to tight supply and strong demand from the global auto industry, which needs increasing amounts of the metal to meet stricter emissions standards.

The metals market, in general, has gotten a boost of bullishness on hopes for a trade deal and expectations that China’s economic stimulus is going to help the world economy.

Palladium hit a record in the spot market Wednesday, when it briefly crossed $1,500 per ounce. Palladium futures for March briefly touched $1,479 per ounce.

“It’s commanding right now a 120 or so premium to gold, and it’s also something like 1.8 times the price of platinum, so it does look very high. The problem is it’s never been up here before. We’re in new territory and it has a sort of sentiment, attracting a large investment element right now, which may have pushed the price away from equilibrium,” said James Steel, precious metals analyst at HSBC. “This market has been strong for many quarters and it is operating under a production deficit.”

Palladium futures are up 22 percent since the beginning of the year, double the move in copper and four times the move in gold. Gold futures were trading at about $1,350 per ounce Wednesday.

Citigroup analysts this week said they are bullish on metals, but particularly so for copper, palladium, iron ore and zinc. They expect 8 percent to 15 percent upside over the next three to six months.

“We see the ‘macro’ and ‘micro’ combining to drive outperformance in these markets, while broader commodities may rise albeit to a lesser degree on an anticipated improvement in macroeconomic sentiment. Major downside risks to our view are that Trump levies further new trade tariffs on China or a hard Brexit occurs,” wrote the Citigroup analysts.

Palladium is used in catalytic converters, which are a part of auto exhaust systems. Standard Chartered analyst Suki Cooper said world wide auto makers are seeing stricter emissions standards, increasing the demand for the exhaust control devices and therefore, the precious metal. In 2018, 8.7 million ounces of palladium out of a 10 million ounce market went to the auto industry, she said.

“We would expect to see some correction, some profit-taking along the way,” said Cooper. But with palladium producers unable to add capacity for several years, the market will be tight and the trend for prices is higher.

“We are forecasting partial deficits for the next couple of years,” she said. “There is limited supply growth. The demand side is still robust even though we’ve been seeing slowing auto sales in China and the U.S. It’s the environmental regulations that had a much larger impact on overall demand.”

There currently is no real, easy replacement for the palladium, 75 percent of which is mined in Russia and South Africa. Cooper said even though car sales are slowing, emissions laws are getting stricter all over the world. Drivers have also been moving away from diesel fuel to gasoline cars, which require more palladium. Electric vehicles do not use palladium but hybrids do, analysts said.

Steel said it’s conceivable platinum could take the place of some palladium. “It would take several years. The two metals are in the same group,…but the two do act differently at different temperatures,” he said.

Cooper said average palladium loadings have risen globally, even as auto sales have dipped, often a sign of weaker demand for palladium. ” From an auto manufacturing standpoint, they need to meet the standards. First and foremost they need their cars to be compliant. Then they look for cost savings.” she said.

Analysts say the market was helped by the fact that ETFs that held the metal were liquidated by investors who made large profits over the years. “Part of the tightness was alleviated in 2018 because there was all of these ETF outflows and some producers released stocks,” she said. One of those ETFs is Aberdeen Standard Physical Palladium Shares ETF PALL.

But ETFs now hold just 700,000 ounces after releasing more than 2 million ounces over the past several years, she said. “You could see more ETF redemptions,” she added.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: patti domm, barcroft media, getty images
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Palladium holds above $1,400 on supply woes while gold price firms

Spot palladium had risen 1 percent to $1,410.50 per ounce by 0337 GMT, having hit an all-time high of $1,434.50 on Thursday. The metal is on track to climb for a fourth week in its strongest weekly gain since the week ending Sept. 21. The price of palladium, used mainly in emissions-reducing catalysts for vehicles, is up nearly 70 percent since a low marked in mid-August. Prices for the metal overtook gold for the first time in 16 years early in December. Spot gold was steady at $1,292 per ounce


Spot palladium had risen 1 percent to $1,410.50 per ounce by 0337 GMT, having hit an all-time high of $1,434.50 on Thursday. The metal is on track to climb for a fourth week in its strongest weekly gain since the week ending Sept. 21. The price of palladium, used mainly in emissions-reducing catalysts for vehicles, is up nearly 70 percent since a low marked in mid-August. Prices for the metal overtook gold for the first time in 16 years early in December. Spot gold was steady at $1,292 per ounce
Palladium holds above $1,400 on supply woes while gold price firms Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: umit bektas
Keywords: news, cnbc, companies, holds, woes, palladium, supply, weekly, steady, gold, metal, firms, week, risen, ounce, treasury, supplies, 1400, price


Palladium holds above $1,400 on supply woes while gold price firms

Palladium held above $1,400 an ounce on Friday after surging to record levels in the previous session on tight supplies and robust demand, while gold stood firm amid uncertainty around the partial U.S. government shutdown.

Spot palladium had risen 1 percent to $1,410.50 per ounce by 0337 GMT, having hit an all-time high of $1,434.50 on Thursday. The metal is on track to climb for a fourth week in its strongest weekly gain since the week ending Sept. 21. It has risen around 12 percent so far this month.

The price of palladium, used mainly in emissions-reducing catalysts for vehicles, is up nearly 70 percent since a low marked in mid-August. Prices for the metal overtook gold for the first time in 16 years early in December.

“This is the eighth consecutive year where palladium is going to be in deficit and there are no signs that it is going to go away,” said Dominic Schnider, head of commodities and APAC forex at UBS Wealth Management in Hong Kong.

“The question people need to ask here is how long it would take for the car manufacturers to switch to platinum, which is trading around $800.”

Holdings in palladium exchange-traded funds (ETFs) tracked by Reuters have nearly halved from January last year as people took delivery and sold or gave the metal for lease due to insufficient supplies, traders and analysts said.

Spot gold was steady at $1,292 per ounce, while U.S. gold futures were firm at $1,291.60 per ounce.

“Uncertainties around the U.S.-China trade war and the U.S. government shutdown are supporting gold prices,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore.

“Also, the U.S. dollar did not react to conflicting reports about the removal of tariffs on Chinese goods, which is also leading to lack of movement in gold.”

A Wall Street Journal report on Thursday that U.S. Treasury Secretary Steven Mnuchin had considered easing tariff imposed on Chinese imports lifted broad market sentiment, although a Treasury spokesman later denied the report.

Spot gold was set for its fifth straight weekly gain, also supported by expectations that the U.S. Federal Reserve may not raise interest rates this year and uncertainties around Brexit.

“(Gold) does need a trigger to spark it upwards, either in the way of a weaker dollar, renewed stumbles in U.S. equities or clearer indications of slowing U.S. growth,” said INTL FCStone analyst Edward Meir.

Spot gold is due for a sharp move, as its consolidation within a neutral range of $1,285-$1,299 per ounce is ending, according to Reuters technical analyst Wang Tao.

In other metals, platinum rose 0.3 percent to $807.50 an ounce, while silver was steady at $15.53.


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: umit bektas
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Gold flat as firmer dollar offsets growth concerns

Gold steadied near a more than six-month peak on Thursday as the dollar’s slight recovery offset concerns about economic growth after U.S.-China talks failed to provide clarity on efforts to end their trade dispute. Spot gold was little changed at $1,293.11 per ounce as of 7:20 a.m. ET, hovering near last week’s peak of $1,298.42 – a level last seen in the middle of June. Also indicating investor interest in gold, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust,


Gold steadied near a more than six-month peak on Thursday as the dollar’s slight recovery offset concerns about economic growth after U.S.-China talks failed to provide clarity on efforts to end their trade dispute. Spot gold was little changed at $1,293.11 per ounce as of 7:20 a.m. ET, hovering near last week’s peak of $1,298.42 – a level last seen in the middle of June. Also indicating investor interest in gold, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust,
Gold flat as firmer dollar offsets growth concerns Cached Page below :
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Keywords: news, cnbc, companies, talks, firmer, prices, palladium, trade, growth, ounce, near, economic, flat, dollar, ross, gold, level, concerns, offsets


Gold flat as firmer dollar offsets growth concerns

Gold steadied near a more than six-month peak on Thursday as the dollar’s slight recovery offset concerns about economic growth after U.S.-China talks failed to provide clarity on efforts to end their trade dispute.

Spot gold was little changed at $1,293.11 per ounce as of 7:20 a.m. ET, hovering near last week’s peak of $1,298.42 – a level last seen in the middle of June.

U.S. gold futures gained 0.15 percent to $1,293.90 per ounce.

“Gold has a certain underlined resilience, which suggests a significant portion of investors remain apprehensive to the macroeconomic backdrop and so they want to use gold as an insurance,” said Capital Economics analyst Ross Strachan.

Concerns to economic growth continue to remain in the market with data showing that China’s consumer prices and factory-gate inflation both increased less than expected in December, while economic data in the euro zone has remained consistently weaker than forecasts over the last few months.

“So far this week, prices have failed to fall below $1,277 and are now trying to attack again the $1,300 level. If they manage to reach this threshold, there would be space for further rallies,” ActivTrades chief analyst Carlo Alberto De Casa said in a note.

Also indicating investor interest in gold, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.3 percent on Wednesday, to their highest level since late July.

But limiting gold’s gains was firmer dollar, which gained against a basket of six other major currencies, having fallen to a near three-month low earlier in the session.

“The dollar is performing very strongly in sterling terms and gold has an overhead resistance up above the $1,300 level,” said Ross Norman, chief executive at Sharps Pixley. “Gold at the moment seems to struggle with anything that resembles a technical resistance.”

In other metals, palladium fell about 0.75 percent to $1,316.49 per ounce, after scaling an all-time high of $1,342.43 in the previous session.

“There is always a potential for some profit-taking in palladium,” Strachan said.

“With the fact that reports on the trade front were a bit further away from an agreement than what appeared to be the case this time yesterday, a little bit of the froth in palladium prices is being removed.”

Delegations from China and the United States ended three days of trade talks in Beijing on Wednesday, but there were few concrete details on the U.S. meetings, which were not at a ministerial level, so were not expected to produce a deal to end the trade war.

Silver was down 0.33 percent at $15.69 per ounce, while platinum inched up 0.21 percent to $826.40.


Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: getty images
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Gold inches higher as dollar dips amid risk aversion

Gold edged higher on Thursday as growing risk aversion weighed on the dollar, while palladium held ground at a premium to the bullion. Spot gold was up 0.2 percent at $1,239.86 per ounce, as of 0429 GMT, while U.S. gold futures were 0.2 percent higher at $1,244.9 per ounce. “Markets are trying to consolidate, trying to push up higher for now,” said Benjamin Lu, a commodities analyst with Phillip Futures. The dollar declined against the safe-haven yen as a spike in risk aversion pressured equitie


Gold edged higher on Thursday as growing risk aversion weighed on the dollar, while palladium held ground at a premium to the bullion. Spot gold was up 0.2 percent at $1,239.86 per ounce, as of 0429 GMT, while U.S. gold futures were 0.2 percent higher at $1,244.9 per ounce. “Markets are trying to consolidate, trying to push up higher for now,” said Benjamin Lu, a commodities analyst with Phillip Futures. The dollar declined against the safe-haven yen as a spike in risk aversion pressured equitie
Gold inches higher as dollar dips amid risk aversion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: getty images
Keywords: news, cnbc, companies, palladium, dollar, meeting, higher, analyst, dips, yields, hike, gold, rate, aversion, inches, ounce, risk, amid, lu


Gold inches higher as dollar dips amid risk aversion

Gold edged higher on Thursday as growing risk aversion weighed on the dollar, while palladium held ground at a premium to the bullion.

Spot gold was up 0.2 percent at $1,239.86 per ounce, as of 0429 GMT, while U.S. gold futures were 0.2 percent higher at $1,244.9 per ounce.

“Markets are trying to consolidate, trying to push up higher for now,” said Benjamin Lu, a commodities analyst with Phillip Futures.

A balance between a host of factors such as a rate hike by the U.S. Federal Reserve in December, uncertainty about trade tensions between Washington and Beijing, and a flattening yield curve has helped create a premium for the bullion, Lu added.

Fed policymakers will gather at a Dec. 18-19 meeting, at which the central bank is widely expected to raise interest rates.

“Although a rate hike is already priced in, markets will be closely watching the meeting for clues on rate hike timings in 2019,” said Lukman Otunuga, a research analyst at FXTM, adding that: “if the meeting echoes a similar message to (Chairman Jerome) Powell’s dovish shift, gold has the potential to shine into 2019.”

The dollar declined against the safe-haven yen as a spike in risk aversion pressured equities and U.S. Treasury yields. The spread between the two-year and five-year Treasury yields inverted this week and the two-year/10-year spread was at its flattest in more than a decade amid a sharp fall in long-term rates.

“An yield curve inversion indicates higher borrowing cost in short term, so for safe-haven assets in the longer run it’s going to be very positive,” Phillip Futures’ Lu said.

Spot gold may test a resistance at $1,245 per ounce, a break above which could lead to a gain into a range of $1,253-$1,258, according to Reuters technical analyst Wang Tao.

Meanwhile, palladium continued to be more valuable than gold after outshining the yellow metal for the first time since 2002 on Wednesday, with prices soaring by around 50 percent in less than four months to record levels.

Spot palladium rose 0.1 percent to $1,245.00 per ounce, hovering near its record high hit in the previous session.

The market now awaits Friday’s U.S. non-farm payrolls data for November, which is expected to show unemployment remains at 3.7 percent.

“Investors are seen adopting a cautious stance ahead of the U.S. jobs report which could offer insight over the health of the U.S. labour force,” said FXTM’s Otunuga.

Amongst other metals, silver fell 0.7 percent to $14.41 per ounce, while platinum extended losses into a third session, declining 0.7 percent to $795.00 per ounce.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: getty images
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Palladium hits record high, briefly surpasses gold price

Palladium soared to a record high on Tuesday, fueled by speculative interest and tight supplies of the autocatalyst metal, briefly surpassing bullion, which scaled to more than a five-week peak as the dollar slid. Spot gold was up 0.6 percent to $1,237.81 per ounce after earlier hitting $1,241.86, the highest price since Oct. 26. Palladium climbed 2.3 percent to $1,230.70 per ounce, having earlier jumped to an all-time high of $1,239.50. However, a few analysts said palladium’s rally could run o


Palladium soared to a record high on Tuesday, fueled by speculative interest and tight supplies of the autocatalyst metal, briefly surpassing bullion, which scaled to more than a five-week peak as the dollar slid. Spot gold was up 0.6 percent to $1,237.81 per ounce after earlier hitting $1,241.86, the highest price since Oct. 26. Palladium climbed 2.3 percent to $1,230.70 per ounce, having earlier jumped to an all-time high of $1,239.50. However, a few analysts said palladium’s rally could run o
Palladium hits record high, briefly surpasses gold price Cached Page below :
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Palladium hits record high, briefly surpasses gold price

Palladium soared to a record high on Tuesday, fueled by speculative interest and tight supplies of the autocatalyst metal, briefly surpassing bullion, which scaled to more than a five-week peak as the dollar slid.

Spot gold was up 0.6 percent to $1,237.81 per ounce after earlier hitting $1,241.86, the highest price since Oct. 26. U.S. gold futures settled up 0.56 percent at $1,246.60 per ounce.

Palladium climbed 2.3 percent to $1,230.70 per ounce, having earlier jumped to an all-time high of $1,239.50.

“We have a tight fundamental market, flat supplies, rising demand and on top of that, undoubtedly some speculative interest which has helped drive prices to all-time record highs,” Mitsubishi analyst Jonathan Butler said.

“For the moment, we don’t see anything changing; the metal remains in demand for industrial uses, speculators are covering their positions, lease market is very tight, and palladium forwards are in backwardation. We could see some higher prices from here in the very short term.”

The metal, used mainly in emissions-reducing auto catalysts for vehicles, has gained about 49 percent since mid-August.

“Palladium continues to fire long signals on all indicators and to make new highs, and is now challenging gold as reduced auto tariffs from China boost demand expectations in an already tight market,” analysts at TD Securities said in a note.

However, a few analysts said palladium’s rally could run out of steam, and there could be profit-taking at these high levels.

The metal’s 14-day relative strength index (RSI) was around 77. An RSI above 70 indicates a commodity is overbought and could lead to a price correction.

“Looking ahead we believe the dynamic of an investor long overhang that has been built up for palladium, combined with the short overhang in the gold market, will eventually contribute to gold re-establishing its premium over palladium,” analysts at Metals Focus wrote in a note.

Meanwhile, gold prices were on track for a second straight session of gains as the dollar continued to be pressured after the United States and China agreed to hold off on fresh trade tariffs for 90 days.

“Primarily, it is the weaker dollar that is providing assistance and that will be the key driver in the short term,” Capital Economics analyst Ross Strachan said.

“However, gold is going to find it difficult to sustain the current rally unless there is even more dollar weakness.”

Investors also kept a close eye on signals on the future path of interest rates next year by the U.S. Federal Reserve, with the central bank widely expected to raise rates at its policy meeting on Dec. 18-19. Meanwhile, spot silver jumped 1.04 percent to $14.52 per ounce, while platinum dipped 0.3 percent to $804.20.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: getty images
Keywords: news, cnbc, companies, metal, dollar, briefly, price, hits, market, ounce, short, palladium, prices, gold, interest, surpasses, tight, high, record


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Gold dips as dollar firms; palladium breaches $1,200 per ounce mark

Gold fell on Friday as the dollar strengthened ahead of the trade talks between the U.S. and Chinese leaders at the G20 summit, while palladium prices crossed the key $1,200 per ounce mark for the first time. Spot gold fell 0.17 percent to $1,221.01 per ounce. U.S. gold futures slipped 0.31 percent lower to $1,226.70 an ounce. Gold prices have been trading between $1,210.65 and $1,230.07 over the past two weeks. Until the fundamental story changes, we are going to see very strong palladium price


Gold fell on Friday as the dollar strengthened ahead of the trade talks between the U.S. and Chinese leaders at the G20 summit, while palladium prices crossed the key $1,200 per ounce mark for the first time. Spot gold fell 0.17 percent to $1,221.01 per ounce. U.S. gold futures slipped 0.31 percent lower to $1,226.70 an ounce. Gold prices have been trading between $1,210.65 and $1,230.07 over the past two weeks. Until the fundamental story changes, we are going to see very strong palladium price
Gold dips as dollar firms; palladium breaches $1,200 per ounce mark Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, gold, mark, dips, trade, dollar, firms, 1200, g20, prices, session, major, breaches, metal, fell, palladium, ounce


Gold dips as dollar firms; palladium breaches $1,200 per ounce mark

Gold fell on Friday as the dollar strengthened ahead of the trade talks between the U.S. and Chinese leaders at the G20 summit, while palladium prices crossed the key $1,200 per ounce mark for the first time.

U.S. President Donald Trump and his Chinese counterpart Xi Jinping will be meeting on Saturday on the sidelines of the G20 summit in Argentina to discuss the ongoing trade dispute between the world’s two biggest economies.

Spot gold fell 0.17 percent to $1,221.01 per ounce. U.S. gold futures slipped 0.31 percent lower to $1,226.70 an ounce.

“The dollar index has moved to its daily high and the U.S. stock market is bouncing back and that is also working against gold,” said Kitco Metals senior analyst Jim Wyckoff.

A big price movement is unlikely in gold for the rest of the session “unless there is some kind of a major announcement from out of Buenos Aires from G20,” he added.

The dollar index, which measures the greenback against a basket of six major currencies, recouped losses, having touched a near one-week low in the previous session, as markets awaited the outcome of the talks.

“The markets now have more clarity into issues such as the U.S. Federal Reserve’s interest rate thinking, the Italian budgetary drama, and the U.S.-China trade war,” said Ronan Manly, a precious metals analyst at Singapore-based dealer BullionStar.

“As such, this clarity and visibility could cap any further gains for gold in the short term. So, a major move above the current range is not likely.”

Gold prices have been trading between $1,210.65 and $1,230.07 over the past two weeks.

Meanwhile, palladium dropped 0.02 percent to $1,180.75 per ounce, having soared to a record high earlier in the session, and moving above the key $1,200 an ounce level for the first time ever, putting it just about $15 shy of parity with gold.

“There is lot of tightness of palladium physical metal supply that’s translating into a fundamental support in strong palladium price,” said Miguel Perez-Santalla, vice president of Heraeus Metal Management in New York.

“The investors and speculators are driving the prices higher. Until the fundamental story changes, we are going to see very strong palladium prices.”

Spot silver fell 1.15 percent to $14.14 per ounce.

Platinum dipped 1.90 percent, to $801.50 per ounce, on track for a fourth consecutive weekly decline. The metal is set to fall more than 4 percent in November, after gaining in the previous two months.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, gold, mark, dips, trade, dollar, firms, 1200, g20, prices, session, major, breaches, metal, fell, palladium, ounce


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Gold on track for longest string of weekly gains since January

Gold prices held steady on Friday but remained on track to rise for the fourth straight week, the longest string of weekly gains since January, amid increasing worries over the outlook for U.S. corporate earnings and global economic slowdown. Spot gold was little changed at $1,231.76 an ounce at 0416 GMT. Political and economic uncertainties including tensions between Saudi Arabia and the West, uncertainty surrounding Italy’s budget, and Brexit among others are likely to push gold prices higher


Gold prices held steady on Friday but remained on track to rise for the fourth straight week, the longest string of weekly gains since January, amid increasing worries over the outlook for U.S. corporate earnings and global economic slowdown. Spot gold was little changed at $1,231.76 an ounce at 0416 GMT. Political and economic uncertainties including tensions between Saudi Arabia and the West, uncertainty surrounding Italy’s budget, and Brexit among others are likely to push gold prices higher
Gold on track for longest string of weekly gains since January Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-26
Keywords: news, cnbc, companies, weekly, gains, week, longest, remained, markets, gold, economic, string, trading, prices, higher, track, palladium, ounce


Gold on track for longest string of weekly gains since January

Gold prices held steady on Friday but remained on track to rise for the fourth straight week, the longest string of weekly gains since January, amid increasing worries over the outlook for U.S. corporate earnings and global economic slowdown.

Asian shares slipped again on Friday morning, despite a bounce on Wall Street overnight.

Spot gold was little changed at $1,231.76 an ounce at 0416 GMT. It was up 0.5 percent for the week. U.S. gold futures were up 0.2 percent at $1,234.60 an ounce.

“This (Friday’s slow trading) is just a temporary lull in a more structural move higher in the coming days… Over the last 24 hours, the rebound in equity markets probably just has held off the impetus that we saw,” ANZ analyst Daniel Hynes said.

Political and economic uncertainties including tensions between Saudi Arabia and the West, uncertainty surrounding Italy’s budget, and Brexit among others are likely to push gold prices higher in the medium term, he added.

Gold prices have gained about 6 percent after falling in mid-August to their lowest since January 2017 at $1,159.96 an ounce.

However, the yellow metal has declined about 10 percent from its April peak after investors preferred the dollar as the U.S.-China trade war unfolded against a background of higher U.S. interest rates.

“Gold markets have entered a new trading zone of $1,228-$1,238, with investor mood swings on the S&P steering the ship,” said Stephen Innes, APAC trading head at OANDA in Singapore.

However, a hawkish nod and an optimistic view of the U.S. economy from Fed Vice Chair Richard Clarida, U.S. President Donald Trump’s most recent addition to the Federal Reserve Board, has increased the odds of a rate hike in December, denting the appeal of gold slightly, he added.

Third-quarter U.S. GDP data is due on Friday and a lower-than-expected reading could cause concerns about economic growth momentum and whether that could possibly lead to a change in the Fed’s monetary tightening path.

The dollar traded in tight ranges against most of its peers on Friday as investor appetite for riskier assets remained shaky.

A target range of $1,252-$1,263 per ounce has been aborted for spot gold, as it failed again to break a resistance at $1,238, according to Reuters technical analyst Wang Tao.

Among other precious metals, palladium was up 0.1 percent at $1,100.49 an ounce, but away from a record high of $1,150.50 an ounce hit on Tuesday.

“Concerns around U.S. sanctions on Russia have eased a little bit, so not surprising to see investors lock in some of the gains (in palladium) achieved in the past week. But it still looks fairly constructive at least in the short-term,” ANZ’s Hynes said.

Silver fell 0.3 percent to $14.56 per ounce, and platinum was down 0.4 percent at $819.45 an ounce.


Company: cnbc, Activity: cnbc, Date: 2018-10-26
Keywords: news, cnbc, companies, weekly, gains, week, longest, remained, markets, gold, economic, string, trading, prices, higher, track, palladium, ounce


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Gold nudges up as dollar eases; palladium holds near multi-year peaks

Gold prices edged higher on Thursday, after marking a near three-week high in the previous session, as the dollar eased while palladium remained close to a more than 16-year peak touched on Wednesday. Spot gold rose 0.2 percent at $1,283.81 per ounce at 0523 GMT. On Wednesday, it rose 0.4 percent and touched its highest since Oct. 20 at $1,287.13 an ounce. U.S. gold futures for December delivery gained 0.1 percent at $1,284.90. The U.S. dollar versus a basket of currencies edged 0.1 percent lowe


Gold prices edged higher on Thursday, after marking a near three-week high in the previous session, as the dollar eased while palladium remained close to a more than 16-year peak touched on Wednesday. Spot gold rose 0.2 percent at $1,283.81 per ounce at 0523 GMT. On Wednesday, it rose 0.4 percent and touched its highest since Oct. 20 at $1,287.13 an ounce. U.S. gold futures for December delivery gained 0.1 percent at $1,284.90. The U.S. dollar versus a basket of currencies edged 0.1 percent lowe
Gold nudges up as dollar eases; palladium holds near multi-year peaks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-11-08
Keywords: news, games, cnbc, companies, currency, holds, near, tax, 01, nudges, edged, palladium, peaks, gold, eases, dollar, touched, rose, analyst, multiyear, worries


Gold nudges up as dollar eases; palladium holds near multi-year peaks

Gold prices edged higher on Thursday, after marking a near three-week high in the previous session, as the dollar eased while palladium remained close to a more than 16-year peak touched on Wednesday.

Spot gold rose 0.2 percent at $1,283.81 per ounce at 0523 GMT. On Wednesday, it rose 0.4 percent and touched its highest since Oct. 20 at $1,287.13 an ounce.

U.S. gold futures for December delivery gained 0.1 percent at $1,284.90.

“Gold has been probably tracking the currency (U.S. dollar) because some of the other drivers which had pushed it to its recent highs have subsided, in particular the geo-politicalrisks and safe haven buying,” said ANZ analyst Daniel Hynes.

“I think they’ll continue to trade around those currency moves.”

The U.S. dollar versus a basket of currencies edged 0.1 percent lower, while its near-term outlook was seen clouded by worries over possible delays to U.S. President Donald Trump’s tax reform plans.

“Although the dollar’s travails have brought a smile to long-suffering bullish gold traders, it is important to note there seems to be an absence of risk aversion premium in gold’s price and that its fate will be decided by the dollar alone,” said Jeffrey Halley, a senior market analyst with OANDA.

A U.S. Senate tax-cut bill, differing from one in the House of Representatives, was expected to be unveiled on Thursday, complicating a Republican tax overhaul push and increasing skepticism on Wall Street about the effort.


Company: cnbc, Activity: cnbc, Date: 2017-11-08
Keywords: news, games, cnbc, companies, currency, holds, near, tax, 01, nudges, edged, palladium, peaks, gold, eases, dollar, touched, rose, analyst, multiyear, worries


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