Gold at a three-month peak as palladium hits record high
Gold is at its highest since July 17 as equities slide; the palladium price may be affected by the US’s withdrawal from a nuclear treaty
Bengaluru — Gold jumped 1% to a more than three-month peak on Tuesday as investors took cover from a slide in global stocks and rising political and economic uncertainty, including concerns over Italy’s spending plans. Palladium also soared to a record high on the back of increasing tensions between the US and top producer Russia, with additional support from expected demand from the Chinese automotive sector. Spot gold was up 1.1% at $1,235.03 an ounce at 11.32am GMT, having touched its highest since July 17 at $1,236.58. US gold futures rose 1.1% to $1,238.20 as momentum proved strong enough to counter the rising dollar, which touched a two-month high. “Rising risk-aversion, falling stock markets and continued concerns regarding Italy are supporting prices,” said Commerzbank analyst Carsten Fritsch. “Now we have risen above the 100-day moving average [around $1,224], which is key, so maybe we can see it rise to $1,250, which could be the next target.” European shares were in the r...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.