SPONSOR: New Age Metals Inc. (TSX-V: NAM) The company’s new Lithium Division has already made significant acquisitions in Canada and the USA. The company also owns one of North America’s largest primary platinum group metals deposit in Sudbury, Canada. Learn More.
——————————-
- Palladium held above $1,400 U.S. an ounce on Friday after surging to record levels in the previous session, amid tight supplies and robust demand, while gold slipped as risk sentiment got a boost from hopes of progress in U.S.-China trade talks.
Glenn Wilkins – Friday, January 18, 2019
Palladium held above $1,400 U.S. an ounce on Friday after surging to
record levels in the previous session, amid tight supplies and robust
demand, while gold slipped as risk sentiment got a boost from hopes of
progress in U.S.-China trade talks.
Spot gold was down 0.1% at
$1,290.51 U.S. per ounce, while U.S. gold futures were down 0.2% at
$1,290 per ounce. One official said the market is currently unable to
gauge the extent of economic slowdown, and that uncertainty is
supporting gold.
Meanwhile, spot palladium climbed 1.1% to
$1,411 U.S. per ounce Friday, having hit an all-time high of $1,434.50
U.S. on Thursday. The metal is on track to rise for a fourth week in its
strongest weekly gain since the week ended Sept. 21. It has risen
around 12% so far this month.
The price of palladium, used
mainly in emissions-reducing catalysts for vehicles, is up nearly 70%
since a low marked in mid-August. Prices for the metal overtook gold for
the first time in 16 years early in December.
However, spot
gold was set for its fifth straight weekly gain, supported by
expectations that the U.S. Federal Reserve may not raise interest rates
this year on worries about economy and uncertainties around Brexit.
Gold
watchers say spot gold is due for a sharp move, as its consolidation
within a neutral range of $1,285-$1,299 U.S. per ounce is ending.
In other metals, platinum rose 0.5% to $809 U.S. an ounce, while silver gained 0.1% to $15.53 U.S.
Source: https://www.baystreet.ca/commodities/2803/Gold-Slips-While-Palladium-Maintains-High-Levels
Tags: palladium, PGM, PGM Demand, stocks