LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » World News

Gold falls from three-week high, palladium off 2001 top

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Oct 17, 2017
04:52 pm
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Gold turned lower on Monday, pressured by profit-taking after extending gains above the $1,300 mark to a three-week high amid ongoing tensions over Iran and North Korea as well as recent weak U.S. economic data.

Palladium fell after making another break above $1,000 an ounce to the highest levels since early 2001 on the back of strong Chinese auto sales.

Spot gold was down 0.6 percent at $1,296.51 an ounce by 2:35 p.m. EDT (1835 GMT). U.S. gold futures for December delivery settled down 0.1 percent at $1,303.

Spot gold has been rebounding since touching a two-month low of $1,260.16 on Oct. 6, lifted by worries about North Korea and a weak dollar.

"You`re seeing a little bit of profit-taking," said Bob Haberkorn, senior market strategist for RJO Futures in Chicago.

"There`s a reluctance to take too much off the table because of some of the geopolitical risks that are out there."

World stocks rose on upbeat Chinese data and the U.S. dollar index edged up following disappointing inflation data on Friday.

"Last Friday we had a rather disappointing CPI number, which further enforced the view that there`s no need for the Fed to be very aggressive in terms of rate hikes," said analyst Carsten Menke at Julius Baer in Zurich.

Rising U.S. interest rates tend to boost the dollar and push bond yields up, putting pressure on the greenback-denominated, non-yielding gold.

Geopolitical risks, including over Iran and North Korea, are likely to persist this week, Jeffrey Halley, a senior market analyst with OANDA, said in a note.

"This should all combine to ensure that gold maintains a safe-haven tone this week," Halley said.

Palladium was down 1.6 percent at $972.10 an ounce after reaching its highest since February 2001 at $1,010.50.

Some investors had been wary when the metal, mostly used for auto catalysts to clean pollution from exhaust fumes, broke above $1,000 on Sept. 6, due to concern about weak global auto sales.

Those worries seem to have been swept aside after the world`s biggest auto market China last week reported sales growth of 5.7 percent in September.

UBS strategist Joni Teves said palladium`s gains were justified by supply/demand fundamentals, which include a market deficit of 830,000 ounces this year.

"This comes after persistent shortfalls over the past five years, which has clearly drawn down considerably on above-ground inventories," she said in a note.

Silver fell 0.7 percent to $17.23 an ounce after hitting $17.46, its highest since mid-September, while platinum eased 1.1 percent to $932.80 an ounce.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

Nearly Rs 10 lakh fine on wedding organiser for breaching Covid-19 lockdown; many guests left as police arrived

Check Modi government's latest notices to Chinese apps including Tiktok, PUBG mobile game

Budget 2021: Unprecedented! 1st time ever since 1947, this is going to happen in Union Budget 2021-2022

Recovery of excess pension made to pensioners: Big decision! Important notification by RBI

Rs 5, 10 and 100 news: Will old notes be valid after March 2021? Here is truth from Modi government

Budget 2021 Expectations LIVE: Here is what India wants - Check latest news, updates, demands here

UPSC Recruitment 2020: Result for these written examinations declared - Check full list of roll numbers

Policy proposal for employment generation, scale-up in MSME sector

Stock market: Record-shattering gains, 50k BSE peak - What lies ahead? Analysts predict these big things amid Budget 2021

Bullet Train: Undersea tunnel! Here is latest news update on Mumbai-Ahmedabad High Speed Rail

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved