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Gold Braves U.S. Data with Slight Dip; Palladium Crosses $2,000

Published 18/12/2019, 07:51 am
© Reuters.
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Investing.com – Gold maintained its grace-under-pressure quality on Tuesday, conceding just a little of its value despite strong U.S. economic data that prompted risk-taking across markets. Autocatalyst metal palladium, meanwhile, broke through the much-anticipated $2,000 per ounce threshold, reaching where gold has never gone.

Gold futures for February delivery on New York’s COMEX settled up 10 cents at $1,480.60 per ounce after hitting a one-week high at $1,484.85 early in the session. In post-settlement trade it was down 65 cents by 3:30 PM ET (20:30 GMT).

Spot gold, which tracks live trades in bullion, slid by 27 cents to $1,475.73.

Gold prices have held up surprisingly well over the past week despite three major bearish events for the safe haven.

  1. The Fed’s decision to end rate cuts for 2019
  2. The landslide U.K. vote for Brexit-championing premier Boris Johnson
  3. The agreement in principle for phase one of the U.S.-China trade deal

Spot gold is still up 15% on the year, while gold futures are showing an annual gain of 13%.

Palladium, the autocatalyst metal in short supply, shot above spot gold’s 2011 record high of $1,920.80.

The spot price of palladium reached $2,000.50 before retreating to $1,952.62 by 3:30 PM ET (20:30 GMT), down $24.93, or 1.3%, on the day.

Palladium futures for March delivery on Comex settled down $45 at $1,918.60, after an all-time high of $1,974.50.

Spot palladium has hit record highs almost without stop since the start of December as a power crisis in South Africa, the No.2 palladium producer, led to palladium mine shutdowns that further squeezed production.

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