Scarce palladium soared on Tuesday, nearing a breach of the $2,000 an ounce level for the first time, with a "phase one" <a href="https://www.wionews.com/business-economy/gold-prices-steady-as-us-china-trade-deal-doubts-linger-263135">US-China trade deal</a> driving prospects of a pick-up in demand and helping the autocatalyst metal extend a record run.

Palladium was up 0.6 per cent&nbsp;at $1,989.58 an ounce at 1035 GMT, after hitting an all-time high of $1,998.43.

"Supply is tight in the palladium market and when you're adding the speculation about a potential pick-up in demand due to recovery in the global economy, you have a perfect storm of bullish news continuing to keep it supported," Saxo Bank analyst <a href="https://www.wionews.com/business-economy/oil-prices-rise-nearly-3-on-china-service-sector-expansion-247634">Ole Hansen</a> said.

However, he added: "Liquidity is poor, which means that if we see a correction, it can be quite brutal and could take palladium back down towards $1,850, although there are no signs of that right now."

The phase one trade deal has been "absolutely completed", a top White House adviser said on Monday. However, Chinese officials have been more cautious, emphasizing the dispute has not been completely settled.

Palladium, used mainly in vehicle catalytic converters, has gained more than 57 per cent&nbsp;so far this year because of a sustained supply crunch.

"We look set for an imminent test above $2,000," <a href="https://www.wionews.com/business-economy/gold-up-in-wake-of-weak-us-jobs-data-5941/amp">MKS PAMP</a> said in a note.

Elsewhere, gold prices rose due to uncertainty driven by a lack of concrete details about the interim trade deal.

Spot gold rose 0.2 per cent&nbsp;to $1,478.41 per ounce. US&nbsp;gold futures were also up 0.2 per cent, at $1,482.90.

The trade dispute will be an influencing factor for gold throughout next year, said Commerzbank analyst Daniel Briesemann, adding a phase two deal would be much more difficult since a lot of critical issues had been left out of the current agreement.

"We must be prepared for some volatility and uncertainty. It's not yet a done deal."

Gold, considered a safe investment during political and economic uncertainty, has gained about 15 per cent&nbsp;this year, mainly driven by the 17-month-long tariff war and its impact on the global economy.

Also helping bullion, European stocks slid from record highs on reports that Britain's prime minister was ready to play rough in Brexit talks, souring sentiment somewhat after a record rally during the Asian session on the trade optimism.

Silver was 0.2 per cent higher at $17.07 per ounce, while platinum gained 0.3 per cent&nbsp;to $932.32.

Scarce palladium soared on Tuesday, nearing a breach of the $2,000 an ounce level for the first time, with a "phase one" US-China trade deal driving prospects of a pick-up in demand and helping the autocatalyst metal extend a record run.

Scarce palladium soared on Tuesday, nearing a breach of the $2,000 an ounce level for the first time, with a "phase one" US-China trade deal driving prospects of a pick-up in demand and helping the autocatalyst metal extend a record run. Palladium was up 0.6 per cent at $1,989.58 an ounce at 1035 GMT, after hitting an all-time high of $1,998.43. "Supply is tight in the palladium market and when you're adding the speculation about a potential pick-up in demand due to recovery in the global economy, you have a perfect storm of bullish news continuing to keep it supported," Saxo Bank analyst Ole Hansen said. However, he added: "Liquidity is poor, which means that if we see a correction, it can be quite brutal and could take palladium back down towards $1,850, although there are no signs of that right now." The phase one trade deal has been "absolutely completed", a top White House adviser said on Monday. However, Chinese officials have been more cautious, emphasizing the dispute has not been completely settled. Palladium, used mainly in vehicle catalytic converters, has gained more than 57 per cent so far this year because of a sustained supply crunch. "We look set for an imminent test above $2,000," MKS PAMP said in a note. Elsewhere, gold prices rose due to uncertainty driven by a lack of concrete details about the interim trade deal. Spot gold rose 0.2 per cent to $1,478.41 per ounce. US gold futures were also up 0.2 per cent, at $1,482.90. The trade dispute will be an influencing factor for gold throughout next year, said Commerzbank analyst Daniel Briesemann, adding a phase two deal would be much more difficult since a lot of critical issues had been left out of the current agreement. "We must be prepared for some volatility and uncertainty. It's not yet a done deal." Gold, considered a safe investment during political and economic uncertainty, has gained about 15 per cent this year, mainly driven by the 17-month-long tariff war and its impact on the global economy. Also helping bullion, European stocks slid from record highs on reports that Britain's prime minister was ready to play rough in Brexit talks, souring sentiment somewhat after a record rally during the Asian session on the trade optimism. Silver was 0.2 per cent higher at $17.07 per ounce, while platinum gained 0.3 per cent to $932.32.

Deficit-hit palladium takes aim at $2,000 ceiling in record run

Oil prices steadied on Tuesday as a resumption of output in the Gulf of Mexico after Hurricane Barry and a boom in <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/us-oil-sanctions-wont-go-without-response-iran-213205&amp;sa=U&amp;ved=2ahUKEwjj4bTblLnjAhWJA4gKHayhADcQFjAAegQIAhAC&amp;usg=AOvVaw2N7rYgrXrmgJR5alcxjn-1">US&nbsp;supply</a> due to shale oil countered tensions in the Middle East.

Prices remained under pressure as data on Monday showed that second-quarter economic growth in China slowed to 6.2% from a year earlier, the weakest pace in at least 27 years.

Brent crude futures were up 4 cents at $66.52 a barrel by 0852 GMT. The international benchmark lost 24 cents, or 0.4%, on Monday.

West Texas Intermediate crude futures rose by 1 cent to $59.59 a barrel. The US&nbsp;benchmark fell about 1% in the previous session.

US&nbsp;oil companies on Monday began restoring some of the nearly 74% of production that was shut at <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/oil-prices-jump-45-per-cent-on-united-states-crude-stocks-draw-gulf-of-mexico-storm-234960&amp;sa=U&amp;ved=2ahUKEwjU6vaclbnjAhVinI8KHdSmCrUQFjABegQIDhAC&amp;usg=AOvVaw3wuMvTZ1nP71fehkxYtIVE">Gulf of Mexico</a> platforms ahead of Hurricane Barry.

"Crude oil is having a quiet day today after giving back some of last week's gains," Saxo Bank commodity strategist Ole Hansen said.

"US&nbsp;output from the Gulf looks set to increase and ... Barry failed to hit refinery assets along the coast."

Workers were returning to the more than 280 production platforms that had been evacuated. However, it can still take several days for full production to resume.

"You could almost hear the big sigh of relief from oil producers and refiners in the region as the storm passed without causing significant damage," PVM analyst Tamas Varga said.

The market was also weighed down by signs of further increases in output from the United States, which has ridden a wave of shale oil production to become the world's biggest crude producer, ahead of Russia and Saudi Arabia.

US&nbsp;oil output from seven major shale formations is expected to rise by about 49,000 barrels per day in August, to a record 8.55 million barrels per day, the US&nbsp;Energy Information Administration said.

Rising US&nbsp;output will undermine efforts by Russia and Saudi Arabia to reduce global oil inventories by convincing suppliers in the Organization of the Petroleum Exporting Countries and outside OPEC to cut production.

The global supplier group, known as OPEC+, agreed this month to extend production cuts for another nine months.

Market activity has started to slow as it tends to do in July and August, the peak European and US&nbsp;holiday season, Hansen said.

Tension between the United States and Iran over Tehran's nuclear programme kept the market nervous given the potential for a price spike should the situation deteriorate.

"The Iranian tension ... still makes any oil bear careful," Varga said.

Oil prices steadied on Tuesday as a resumption of output in the Gulf of Mexico after Hurricane Barry and a boom in US supply due to shale oil countered tensions in the Middle East.

Oil prices steadied on Tuesday as a resumption of output in the Gulf of Mexico after Hurricane Barry and a boom in US supply due to shale oil countered tensions in the Middle East. Prices remained under pressure as data on Monday showed that second-quarter economic growth in China slowed to 6.2% from a year earlier, the weakest pace in at least 27 years. Brent crude futures were up 4 cents at $66.52 a barrel by 0852 GMT. The international benchmark lost 24 cents, or 0.4%, on Monday. West Texas Intermediate crude futures rose by 1 cent to $59.59 a barrel. The US benchmark fell about 1% in the previous session. US oil companies on Monday began restoring some of the nearly 74% of production that was shut at Gulf of Mexico platforms ahead of Hurricane Barry. "Crude oil is having a quiet day today after giving back some of last week's gains," Saxo Bank commodity strategist Ole Hansen said. "US output from the Gulf looks set to increase and ... Barry failed to hit refinery assets along the coast." Workers were returning to the more than 280 production platforms that had been evacuated. However, it can still take several days for full production to resume. "You could almost hear the big sigh of relief from oil producers and refiners in the region as the storm passed without causing significant damage," PVM analyst Tamas Varga said. The market was also weighed down by signs of further increases in output from the United States, which has ridden a wave of shale oil production to become the world's biggest crude producer, ahead of Russia and Saudi Arabia. US oil output from seven major shale formations is expected to rise by about 49,000 barrels per day in August, to a record 8.55 million barrels per day, the US Energy Information Administration said. Rising US output will undermine efforts by Russia and Saudi Arabia to reduce global oil inventories by convincing suppliers in the Organization of the Petroleum Exporting Countries and outside OPEC to cut production. The global supplier group, known as OPEC+, agreed this month to extend production cuts for another nine months. Market activity has started to slow as it tends to do in July and August, the peak European and US holiday season, Hansen said. Tension between the United States and Iran over Tehran's nuclear programme kept the market nervous given the potential for a price spike should the situation deteriorate. "The Iranian tension ... still makes any oil bear careful," Varga said.

Oil steadies as US supply concerns ease, Iran tension unresolved

Oil prices eased on Tuesday, paring earlier gains, although volatility subsided to its lowest in three weeks, as investors prepared for a key meeting of the OPEC producer group next week.

Crude remained in a tight trading range, in line with the broader financial markets, which were largely unruffled by a US-North Korea summit aimed at the denuclearisation of the Korean peninsula.

The Organization of the Petroleum Exporting Countries released its monthly report on Tuesday, in which it cited the high degree of uncertainty hanging over the global oil market this year.

Brent crude futures fell 29 cents to $76.17 a barrel by 1143 GMT, while US&nbsp;West Texas Intermediate crude futures eased 12 cents to $65.98.

"The market has been rangebound for two weeks and that is likely to remain the case," Ole Hansen, senior manager at Saxo Bank, said.

OPEC, together with partners including Russia, has cut oil output by 1.8 million barrels per day (bpd) since January 2017 in an effort to boost the market.

Volatility in oil prices has subsided due to caution around the group's meetings scheduled for June 22-23, at which it will decide on future supply policy.

With US&nbsp;sanctions threatening to cut Iranian exports and the potential for more declines in Venezuelan production, OPEC kingpin Saudi Arabia and Russia have indicated they would be willing to raise output to make up for any supply shortfall.

Russian production reportedly climbed to 11.1 million bpd in early June.

In the United States, output has risen by almost a third in the last two years, to a record 10.8 million bpd.

Top exporter Saudi Arabia - which has so far led OPEC's efforts to withhold supplies - is also showing signs of raising production.

OPEC said on Tuesday the outlook in the second half of the year is highly uncertain even though the oil producer group's figures show a global glut is gone, suggesting exporters will be in no rush to fully relax output curbs next week.

"Recently, crude oil futures have lost some momentum amid uncertainty as traders prepare for potentially more supply returning to the market," the group said.

"I feel that if they would like to be a responsible swing producer for the global oil market, based on their (demand) numbers, they should increase production by at least 1 million bpd from the current level," PVM Oil Associates strategist Tamas Varga said. 
&nbsp;

The Organization of the Petroleum Exporting Countries released its monthly report on Tuesday, in which it cited the high degree of uncertainty hanging over the global oil market this year

Oil prices eased on Tuesday, paring earlier gains, although volatility subsided to its lowest in three weeks, as investors prepared for a key meeting of the OPEC producer group next week. Crude remained in a tight trading range, in line with the broader financial markets, which were largely unruffled by a US-North Korea summit aimed at the denuclearisation of the Korean peninsula. The Organization of the Petroleum Exporting Countries released its monthly report on Tuesday, in which it cited the high degree of uncertainty hanging over the global oil market this year. Brent crude futures fell 29 cents to $76.17 a barrel by 1143 GMT, while US West Texas Intermediate crude futures eased 12 cents to $65.98. "The market has been rangebound for two weeks and that is likely to remain the case," Ole Hansen, senior manager at Saxo Bank, said. OPEC, together with partners including Russia, has cut oil output by 1.8 million barrels per day (bpd) since January 2017 in an effort to boost the market. Volatility in oil prices has subsided due to caution around the group's meetings scheduled for June 22-23, at which it will decide on future supply policy. With US sanctions threatening to cut Iranian exports and the potential for more declines in Venezuelan production, OPEC kingpin Saudi Arabia and Russia have indicated they would be willing to raise output to make up for any supply shortfall. Russian production reportedly climbed to 11.1 million bpd in early June. In the United States, output has risen by almost a third in the last two years, to a record 10.8 million bpd. Top exporter Saudi Arabia - which has so far led OPEC's efforts to withhold supplies - is also showing signs of raising production. OPEC said on Tuesday the outlook in the second half of the year is highly uncertain even though the oil producer group's figures show a global glut is gone, suggesting exporters will be in no rush to fully relax output curbs next week. "Recently, crude oil futures have lost some momentum amid uncertainty as traders prepare for potentially more supply returning to the market," the group said. "I feel that if they would like to be a responsible swing producer for the global oil market, based on their (demand) numbers, they should increase production by at least 1 million bpd from the current level," PVM Oil Associates strategist Tamas Varga said.

Oil eases; OPEC cites uncertain market outlook for 2018

Gold&nbsp;prices remained&nbsp;locked&nbsp;just&nbsp;below&nbsp;$1,300 an ounce on Tuesday as investors waited for clues on the pace of US&nbsp;interest rate rises from a&nbsp;Federal Reserve&nbsp;meeting this week.

A&nbsp;Fed&nbsp;statement and press conference expected from 1800 GMT on Wednesday could push&nbsp;gold out of the tight range of around $1,290-$1,305 in which it has been trapped since mid-May.

Gold&nbsp;is highly sensitive to interest rates because higher rates push up bond yields, making non-yielding&nbsp;gold&nbsp;less attractive, and tend to strengthen the dollar, increasing the cost of&nbsp;gold&nbsp;for buyers using other currencies.

Investors expect the&nbsp;Fed&nbsp;to increase rates on Wednesday but will be looking for hints at future policy. A more aggressive stance on monetary tightening would hurt&nbsp;gold.

"We are waiting for the FOMC," said Saxo Bank analyst Ole Hansen, referring to the&nbsp;Fed's policy committee.

Gold&nbsp;prices have tended to fall ahead of previous rate rises but recover afterwards, he said. "We're still erring towards the potential for a move higher here."

Spot&nbsp;gold&nbsp;was down 0.1 per cent at $1,298.15 an ounce at 1021 GMT, while US gold&nbsp;futures for August delivery were 0.1 per cent lower at $1,302 an ounce.

The dollar and US&nbsp;bond yields were also largely flat.

Adding to the wait-and-see mood for&nbsp;gold&nbsp;were expectations that the European Central Bank will signal a winding down of its vast bond-buying programme at a&nbsp;meeting&nbsp;on Thursday. This would likely help&nbsp;gold&nbsp;by boosting the euro and weakening the dollar.

Japan's central bank will also meet on June 14-15.

Gold&nbsp;did not react strongly to a pledge by the leaders of the United States and North Korea to work toward complete denuclearisation of the Korean peninsula.

The joint statement signed at the end of a summit in Singapore gave few details on how this goal would be achieved.

Gold&nbsp;is traditionally used as a safe place to invest money during times of uncertainty, and growing tensions over Korea have added to demand.

In other precious metals, silver was down 0.2 per cent at $16.86 an ounce after hitting a seven-week high of $16.95 on Monday.

Platinum was 0.2 per cent higher at $905.80 an ounce and palladium was down 0.3 per cent at $1,019 an ounce.

A Fed statement and press conference expected from 1800 GMT on Wednesday could push gold out of the tight range of around $1,290-$1,305 in which it has been trapped since mid-May

Gold prices remained locked just below $1,300 an ounce on Tuesday as investors waited for clues on the pace of US interest rate rises from a Federal Reserve meeting this week. A Fed statement and press conference expected from 1800 GMT on Wednesday could push gold out of the tight range of around $1,290-$1,305 in which it has been trapped since mid-May. Gold is highly sensitive to interest rates because higher rates push up bond yields, making non-yielding gold less attractive, and tend to strengthen the dollar, increasing the cost of gold for buyers using other currencies. Investors expect the Fed to increase rates on Wednesday but will be looking for hints at future policy. A more aggressive stance on monetary tightening would hurt gold. "We are waiting for the FOMC," said Saxo Bank analyst Ole Hansen, referring to the Fed's policy committee. Gold prices have tended to fall ahead of previous rate rises but recover afterwards, he said. "We're still erring towards the potential for a move higher here." Spot gold was down 0.1 per cent at $1,298.15 an ounce at 1021 GMT, while US gold futures for August delivery were 0.1 per cent lower at $1,302 an ounce. The dollar and US bond yields were also largely flat. Adding to the wait-and-see mood for gold were expectations that the European Central Bank will signal a winding down of its vast bond-buying programme at a meeting on Thursday. This would likely help gold by boosting the euro and weakening the dollar. Japan's central bank will also meet on June 14-15. Gold did not react strongly to a pledge by the leaders of the United States and North Korea to work toward complete denuclearisation of the Korean peninsula. The joint statement signed at the end of a summit in Singapore gave few details on how this goal would be achieved. Gold is traditionally used as a safe place to invest money during times of uncertainty, and growing tensions over Korea have added to demand. In other precious metals, silver was down 0.2 per cent at $16.86 an ounce after hitting a seven-week high of $16.95 on Monday. Platinum was 0.2 per cent higher at $905.80 an ounce and palladium was down 0.3 per cent at $1,019 an ounce.

Gold locked below $1,300 as market braces for Federal Reserve meeting

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Deficit-hit palladium takes aim at $2,000 ceiling in record run

Oil steadies as US supply concerns ease, Iran tension unresolved

Oil eases; OPEC cites uncertain market outlook for 2018

Gold locked below $1,300 as market braces for Federal Reserve meeting