ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • 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
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Market ends with marginal cuts this week; FMCG gains, Consumer Durables decline—What should investors do on Monday?
  • Investors with short term view must book profits now; import duty hike, rupee weakness may arrest price correction, temporarily
  • Virtual Digital Assets: VDAs to attract 1% TDS from today; know what CBDT says about new norms
  • Maruti Suzuki, Ashok Leyland: What makes brokerages bullish on these auto stocks?
  • Monsoon session of Parliament to begin on July 18; to end on August 12
Read in App
Business News » World News

Palladium breaks above $1,400 on supply deficit, gold eases

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Palladium surpassed the $1,400 mark for the first time on Thursday, as demand for the auto-catalyst metal overtook its availability in the market, while gold edged lower as the dollar gained on better-than-expected U.S. jobs data.

Spot palladium gained 2.3 percent to $1,390.50 per ounce as of 11:10 a.m. ET (1610 GMT), having earlier hit an all-time high of $1,434.50, and rising more than 10 percent so far this month.

"The palladium market is laboring under production-consumption deficits," said James Steel, chief precious metals analyst at HSBC.

Adding to palladium`s appeal were policy initiatives to help support demand that were unveiled by China, the biggest auto market, Steel said.

The price of palladium, used mainly in emissions-reducing catalysts for vehicles, has jumped more than 70 percent since hitting a trough in mid-August. The metal overtook gold in price terms for the first time in 16 years late last year.

"We are seeing steady buying in modest amounts; just no supply and no one willing to sell because you don`t know where it will stop," said Tai Wong, head of base and precious metals derivatives trading at BMO.

Holdings in palladium exchange-traded funds (ETFs) tracked by Reuters have nearly halved from January last year as prices rose.

"There is not sufficient supply in the market, so people are purchasing metals from the ETFs," said Samson Li, a Hong Kong-based precious metals analyst at Refinitiv GFMS.

Meanwhile, gold fell 0.2 percent to $1,290.79 per ounce, with a psychological resistance of $1,300 holding a solid roof over its head. U.S. gold futures fell 0.3 percent to $1,290.30.

"Gold dipped after the good jobless claims number from the United States, and has not recovered since. Now, the dollar is grinding higher with yields backing up, further weighing on the metal," BMO`s Wong said.

The greenback ticked up on Thursday after stronger than expected economic data reports, while the pound stabilized as British policymakers sought consensus on how to exit the European Union.

The number of Americans filing applications for jobless benefits unexpectedly fell last week, pointing to sustained labor market strength that should continue to underpin the economy.

A stronger dollar makes gold more expensive for holders of other currencies.

However, the metal remains supported by a variety of factors, including a prolonged partial U.S. government shutdown, a possible pause in the U.S. Federal Reserve`s rate hike cycle, and concerns surrounding Brexit, analysts said.

Spot gold is about to exit a neutral range of $1,285-$1,299, and either rise to $1,311 or drop toward $1,268, according to Reuters technical analyst Wang Tao.

In other metals, platinum fell 0.2 percent to $803 an ounce, while silver fell 0.8 percent to $15.47.

(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
Updated: Thu, Jan 17, 2019
10:59 pm
Reuters
RELATED NEWS
Crisil cuts FY23 GDP growth estimate to 7.3% Crisil cuts FY23 GDP growth estimate to 7.3%
US stocks see worst first half drop in over 50 years US stocks see worst first half drop in over 50 years
Rupee hits record low of 79.11 against US dollar in early trade Rupee hits record low of 79.11 against US dollar in early trade
Retail inflation for industrial workers rises to 6.97% in May Retail inflation for industrial workers rises to 6.97% in May
GST Council Meeting: Full details of goods and services, where rates hiked or slashed GST Council Meeting: Full details of goods and services, where rates hiked or slashed

LATEST NEWS

Excise duty on petrol, diesel, ATF hiked up to Rs 12; details

Stocks to Buy: Vikas Sethi recommends IDFC from F&O, Indo count from Cash Market; know why?

Dalal Street Corner: Market ends with marginal cuts this week; FMCG gains, Consumer Durables decline—What should investors do on Monday?

Battlegrounds Mobile India update: BGMI crosses over 100 million users mark - Check details

Govt warns Ed-tech companies against unfair trade practices

Virtual Digital Assets: VDAs to attract 1% TDS from today; know what CBDT says about new norms

IBPS Clerk Recruitment 2022: Registration begins for 6000+ vacancies at ibps.in; check direct link, last date, how to apply online and more

Why is the rupee falling? Zee Business reveals reasons

Stocks to Buy: Sanjiv Bhasin recommends Aarti Industries, Bank of Baroda, Tata Steel; Know the details

Food labelling rules for online food delivery platforms like Zomato, Swiggy changed from today; compliance failure to invite action

  • 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
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV