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Business News » Markets News

Gold steady near 10-month high; palladium hits record level

Palladium hit a record high of $1,459 an ounce in early trade as a sustained supply deficit boosted the autocatalyst metal

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Gold steady near 10-month high; palladium hits record level
Minutes of the Federal Reserve`s last policy meeting are due on Wednesday and should provide more guidance on the likelihood of rate increases this year. Reuters

 Gold prices were steady near 10-month peaks on Tuesday as the dollar held little changed and markets awaited clarity on U.S.-China trade talks, while palladium struck a record high on supply fears.

FUNDAMENTALS. Spot gold was little changed at $1,326.10 per ounce as of 0048 GMT, after touching a 10-month high of $1,327.64 an ounce in the previous session.

U.S. gold futures rose 0.5 percent to $1,328.9 an ounce.

Palladium hit a record high of $1,459 an ounce in early trade as a sustained supply deficit boosted the autocatalyst metal

The dollar index versus a basket of six major currencies was little changed at 96.784 after ending the previous session flat. U.S. financial markets were closed on Monday for Presidents` Day. 

Asian shares hovered near a four-month peak on Tuesday, supported by hopes that Sino-U.S. trade talks were making positive progress and expectations of policy stimulus from central banks. 

The United States and China will resume trade talks this week in Washington, with U.S. President Donald Trump saying he may extend a March 1 deadline for a deal. Both sides reported progress at last week`s talks in Beijing.

The United States has blocked efforts by a U.N. agency to improve civil aviation in North Korea to maintain sanctions pressure ahead of a second summit between President Donald Trump and leader Kim Jong Un in Vietnam in late February.

Minutes of the Federal Reserve`s last policy meeting are due on Wednesday and should provide more guidance on the likelihood of rate increases this year.

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There is also talk the bank will keep a much larger balance sheet than previously planned. 

The U.S. Commerce Department sent a report on Sunday to U.S. President Donald Trump that could unleash steep tariffs on imported cars and auto parts, provoking a sharp backlash from the industry even before it is unveiled, the agency confirmed. 

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TAGS:
gold priceUnited StatesChina
Written By: Reuters
Updated: Tue, Feb 19, 2019
10:30 am
Reuters
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