Futures & Commodities | Gold | Gold Price Report: Platinum, gold slide as dollar soars; palladium eases off record
3-4 minutes - Source: CNBC
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Silver slid more than 3% to its lowest in more than a month.
Spot palladium eased 0.8% to $1,668.33 an ounce, having earlier touched a record high of $1,700.71. The metal has risen more than 9% this month.
“There’s a lot of concern that there isn’t a lot of palladium around; a big part of that is people who own the metal don’t want to sell at current prices. They want to see how high the price goes before they keep their profits.”
The price of palladium, used mainly in emissions-reducing catalysts for vehicles, has risen about 33% this year and nearly 9% this quarter, despite a weakening auto sector, due to tight supply.
Meanwhile, gold shed 1.8% to $1,469.61 after the dollar hit multi-year highs, making the dollar-denominated metal more expensive for holders of other currencies. Earlier, prices
For the quarter, however, bullion has risen more than 4% so far.
“Gold and silver
Also weighing on gold, stocks firmed after Washington’s dismissal of a report from Friday, which had said the U.S.
Investors also kept a close eye on the U.S. Federal Reserve’s monetary policy.
The central bank cut interest rates earlier in September for the second time this year.
“The Fed said they’re going to be very cautious about lowering rates since it’s not clear that we really need to, which was taken as a confirmation that there’s a fair bit of potential growth before getting concerned about
Elsewhere, platinum dropped 4.4%
However, both metals are up about 6% and 11.5% for the quarter respectively.