Gold holds close to 10-month highs and palladium remains at record high
Bullion is benefiting from the optimism around the US-China trade discussions, which has dimmed the dollar’s appeal
Bengaluru — Gold prices hovered near 10-month highs on Tuesday as optimism around US-China trade discussions dimmed the dollar’s appeal, while palladium struck a record high on supply concerns. Spot gold slipped 0.2% to $1,323.81/oz as of 4.48am GMT. The metal had touched $1,327.64/oz in the previous session, its highest since April 25. US gold futures rose 0.4% to $1,326.8/oz. A new round of talks between Beijing and the US to resolve their trade spat will take place in Washington later in the day, with follow-up sessions at a higher level in the course of the week. “If there is progress in trade talks there will be increasing appetite for emerging-market currencies, and the US dollar will weaken,” Argonaut Securities analyst Helen Lau said, adding that the dollar will lose its safe-haven appeal, which will be supportive of gold. US President Donald Trump had said last week he might extend the March 1 deadline for a deal and keep tariffs on Chinese goods from rising. The dollar ind...
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