Platinum and Palladium Get a Boost
1/17/2020 8:32:58 AM
Gold prices fell on Monday as optimism in equity markets ahead of the signing of an interim U.S.-China trade deal and lack of further escalation in Middle East tensions diminished bullion's safe-haven appeal. The global push for clean cars has given Palladium a boost, surging to more than $2,000 an ounce on Monday. Palladium has benefited from continued demand from the car industry for palladium-based catalytic converters. Gold prices continued to fall on Tuesday but held above $1,500 per ounce. Optimistic reports from some of the United States’ largest banks and the prospect of the U.S.-China trade deal dimmed demand for the yellow Precious Metal. Platinum had its best day in nearly two years as the Platinum spot price surged past the $1,000 an ounce mark on Wednesday. Gold marked its first gain in three days on Wednesday, following the official signing of the U.S.-China phase one trade pact and the U.S. House of Representatives’ vote to send articles of impeachment of President Trump to the Senate. Gold prices changed very little on Thursday but still held above the key $1,550 mark as the signing of a preliminary trade deal between the United States and China failed to address concerns about tariffs and other core concerns. On the other hand, record-setting Palladium prices soared more than 5%, while Platinum jumped to its highest level in almost three years. Gold and Silver prices were moderately up on Friday, despite stocks being at an all-time high. Palladium has posted the highest price per ounce of any Precious Metal ever, thanks to a tightening market with a strong demand for use in catalytic converters.