Bengaluru — Palladium retreated on Tuesday as investors took profits after the autocatalyst metal breached $1,550 for the first time due to a worsening supply scenario, while gold held a tight range ahead of US Federal Reserve chair Jerome Powell’s testimony. Spot palladium, which traded as high as $1,554.50/oz earlier in the day, was down 0.5% at $1,534 as of 11.16am GMT. At least 15 mining firms in SA, a major producer of the metal, have received notices of strikes to be held later this week, providing further impetus to its gains. The metal has risen more than 21% so far in 2019 on a sustained supply deficit. “There are increased talks that palladium is entering into the bubble territory because of the relentless rally that we have seen. Those who are long are tempted to take profits while we potentially may see a few attempts to sell some shorts in the market,” Saxo Bank analyst Ole Hansen said. Elsewhere, spot gold was barely changed at $1,326/oz and US gold futures were steady...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now