Palladium retreats after crashing through $1,550, while gold is range-bound
The autocatalyst metal falls as investors take profits and bullion is stuck in a tight range ahead of US Federal Reserve chair Jerome Powell’s testimony
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...
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