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

Gold rose to its highest in more than a week on Monday, supported by Middle East tensions and uncertainty over US-China trade talks, while palladium hit an all-time high.

Spot gold rose 0.2 per cent to $1,519.56 per ounce at 0818 GMT per ounce, touching a high since September 12.

US gold futures rose 0.8 &nbsp;per cent to $1,527.20.

"No significant news is coming out of the trade war until and unless we have some clarity on the negotiations, gold will be supported," said Hareesh V, head of commodity research at Geojit Financial Services.

A US-China trade breakthrough seemed unlikely after President Donald Trump told reporters on Friday he was "not looking" for a partial deal and Chinese officials cancelled goodwill visits to US farmers.

But both sides later published positive statements. The US Trade Representative's office described last week's talks as "productive" and China's Commerce Ministry called them "constructive." October's high-level talks remain on track.

"On an immediate basis, gold is trading between the range of$1,465-$1,550. If the trade talks fail gold may rally to $1,660 or even higher," Hareesh said.

The bullion has risen about 18 per cent so far this year.

Tensions remained elevated in the Middle East after Washington ordered more troops to the Gulf region to strengthen Saudi Arabia's air and missile defences, following an attack on the kingdom's oil facilities. The United States has imposed more sanctions on Iran, penalizing Iran's central bank.

Saudi Arabia will appeal to a global gathering in New York this week for concerted action to punish and deter Iran after the strikes.

The dollar was nearly flat against a basket of currencies, while most Asian share markets slipped on Monday.

Holdings at SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 1.2 per cent to 894.15 tonnes on Friday.

COMEX gold speculators raised net long position by 14,150 contracts to 261,878 in the week to September 17, according to the US Commodity Futures Trading Commission data.

Spot palladium rose 0.8 per cent to $1,655 per ounce, after hitting a record high at $1,664.34 earlier in the session.

"Healthy demand, constrained supply and challenging liquidity conditions are likely driving prices higher," UBS strategist Joni Teves wrote in a note.

"A breakdown of US-China trade talks, deterioration in economic data and a pullback inequity from the highs present downside risks for palladium over the remainder of the year."

Silver nearly 2 per cent to $18.33 per ounce and platinum rose 0.8 per cent to $953.05 per ounce.

Gold rose to its highest in more than a week on Monday, supported by Middle East tensions and uncertainty over US-China trade talks, while palladium hit an all-time high.

Gold rose to its highest in more than a week on Monday, supported by Middle East tensions and uncertainty over US-China trade talks, while palladium hit an all-time high. Spot gold rose 0.2 per cent to $1,519.56 per ounce at 0818 GMT per ounce, touching a high since September 12. US gold futures rose 0.8 per cent to $1,527.20. "No significant news is coming out of the trade war until and unless we have some clarity on the negotiations, gold will be supported," said Hareesh V, head of commodity research at Geojit Financial Services. A US-China trade breakthrough seemed unlikely after President Donald Trump told reporters on Friday he was "not looking" for a partial deal and Chinese officials cancelled goodwill visits to US farmers. But both sides later published positive statements. The US Trade Representative's office described last week's talks as "productive" and China's Commerce Ministry called them "constructive." October's high-level talks remain on track. "On an immediate basis, gold is trading between the range of$1,465-$1,550. If the trade talks fail gold may rally to $1,660 or even higher," Hareesh said. The bullion has risen about 18 per cent so far this year. Tensions remained elevated in the Middle East after Washington ordered more troops to the Gulf region to strengthen Saudi Arabia's air and missile defences, following an attack on the kingdom's oil facilities. The United States has imposed more sanctions on Iran, penalizing Iran's central bank. Saudi Arabia will appeal to a global gathering in New York this week for concerted action to punish and deter Iran after the strikes. The dollar was nearly flat against a basket of currencies, while most Asian share markets slipped on Monday. Holdings at SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 1.2 per cent to 894.15 tonnes on Friday. COMEX gold speculators raised net long position by 14,150 contracts to 261,878 in the week to September 17, according to the US Commodity Futures Trading Commission data. Spot palladium rose 0.8 per cent to $1,655 per ounce, after hitting a record high at $1,664.34 earlier in the session. "Healthy demand, constrained supply and challenging liquidity conditions are likely driving prices higher," UBS strategist Joni Teves wrote in a note. "A breakdown of US-China trade talks, deterioration in economic data and a pullback inequity from the highs present downside risks for palladium over the remainder of the year." Silver nearly 2 per cent to $18.33 per ounce and platinum rose 0.8 per cent to $953.05 per ounce.

Gold hits more than one-week high on Gulf tensions

<a href="https://www.wionews.com/business-economy/gold-rises-as-focus-returns-to-growth-concerns-fed-rate-cut-233960/amp">Gold prices</a> ticked lower on Tuesday, as the dollar scaled to multi-week highs on reduced expectations of an aggressive US rate cut, although softer share markets capped the metal's losses.

Spot gold was down 0.2% at $1,393.03 per ounce as of 0740 GMT.

US&nbsp;gold futures fell 0.3% to $1,395.70 an ounce.

"Weakness in gold prices is largely due to an easing of rate cut expectations and bond yields are recovering. Markets continue to price in a 25 basis point cut but it looks like sentiment is easing and the dollar has rebounded," said Benjamin Lu, an analyst at Phillip Futures.

The dollar index hit a near three-week peak, making bullion expensive for holders of other currencies. The US Treasury yield curve hit its flattest level in more than a month after investors rolled back expectations for a sharp U.S. rate cut at the end of July. [USD/] [US/]

A week ago, the market forecast an 80.1% chance of a 25-basis-point cut, and a 19.9% chance of a 50-basis-point cut, according to CME Group's FedWatch tool. The chances are now 98% and 2%, respectively.

Adding to the reduced expectations for a larger cut, U.S. consumers in June lifted their inflation expectations for the first time in three months, New York Fed data showed on Monday.

However, the decline in gold prices was limited by weaker financial markets, with <a href="https://www.wionews.com/business-economy/asian-stocks-hobbled-by-fading-expectations-for-aggressive-fed-rate-cut-234146">Asian stocks</a> falling to their lowest in two-and-a-half weeks on Tuesday.

"We're seeing a lot of Fed policy uncertainty leak into the equation across risk assets in general. Equity markets falling is the most poignant example supporting gold prices," said Stephen Innes, managing partner at Vanguard Markets.

Market participants now await Fed Chairman Jerome Powell's two-day testimony before Congress, which starts on Wednesday for clues about a rate decrease.

Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.15% to 795.80 tonnes on Monday from 796.97 tonnes on Friday.

Hedge funds and money managers raised their bullish stance in COMEX gold in the week to July 2, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday in a report delayed because of the US Independence Day holiday.

On the technical side, spot gold may end its correction around a support at $1,387 and then retest a resistance at $1,421 per ounce, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver gained 0.1% to $15.04 per ounce.

Palladium slipped 0.4% to $1,555.32, and platinum fell 0.2% to $812.23

Gold prices ticked lower on Tuesday, as the dollar scaled to multi-week highs on reduced expectations of an aggressive US rate cut, although softer share markets capped the metal's losses.

Gold prices ticked lower on Tuesday, as the dollar scaled to multi-week highs on reduced expectations of an aggressive US rate cut, although softer share markets capped the metal's losses. Spot gold was down 0.2% at $1,393.03 per ounce as of 0740 GMT. US gold futures fell 0.3% to $1,395.70 an ounce. "Weakness in gold prices is largely due to an easing of rate cut expectations and bond yields are recovering. Markets continue to price in a 25 basis point cut but it looks like sentiment is easing and the dollar has rebounded," said Benjamin Lu, an analyst at Phillip Futures. The dollar index hit a near three-week peak, making bullion expensive for holders of other currencies. The US Treasury yield curve hit its flattest level in more than a month after investors rolled back expectations for a sharp U.S. rate cut at the end of July. [USD/] [US/] A week ago, the market forecast an 80.1% chance of a 25-basis-point cut, and a 19.9% chance of a 50-basis-point cut, according to CME Group's FedWatch tool. The chances are now 98% and 2%, respectively. Adding to the reduced expectations for a larger cut, U.S. consumers in June lifted their inflation expectations for the first time in three months, New York Fed data showed on Monday. However, the decline in gold prices was limited by weaker financial markets, with Asian stocks falling to their lowest in two-and-a-half weeks on Tuesday. "We're seeing a lot of Fed policy uncertainty leak into the equation across risk assets in general. Equity markets falling is the most poignant example supporting gold prices," said Stephen Innes, managing partner at Vanguard Markets. Market participants now await Fed Chairman Jerome Powell's two-day testimony before Congress, which starts on Wednesday for clues about a rate decrease. Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.15% to 795.80 tonnes on Monday from 796.97 tonnes on Friday. Hedge funds and money managers raised their bullish stance in COMEX gold in the week to July 2, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday in a report delayed because of the US Independence Day holiday. On the technical side, spot gold may end its correction around a support at $1,387 and then retest a resistance at $1,421 per ounce, according to Reuters technical analyst Wang Tao. Among other precious metals, silver gained 0.1% to $15.04 per ounce. Palladium slipped 0.4% to $1,555.32, and platinum fell 0.2% to $812.23

Gold edges lower as dollar firms; weaker equities limit losses

Gold rose on Thursday as the dollar remained subdued after minutes from the US&nbsp;Federal Reserve&#39;s July meeting hinted at a delay in further rate hikes, while palladium hit a fresh 16-year high.

Spot gold was up 0.3 per cent at $1,287.01 per ounce by 0340 GMT, after gaining nearly 1 per cent the previous day.

US&nbsp;gold futures for December delivery rose 0.8 per cent to $1,292.80 per ounce.

&quot;It&#39;s a dollar story and a concern that the market&#39;s been having with regards to geopolitical events,&quot; said Dominic Schnider at UBS Wealth Management in Hong Kong.

The US&nbsp;dollar was on the defensive on Thursday after the minutes from the Fed&#39;s last policy meeting showed policymakers were increasingly wary of the recent softness in inflation and some called for halting interest rate hikes until it was clear the trend was transitory.

&quot;The market believes at the moment that there&#39;s not much inflation and the Fed need not do much,&quot; Schnider said.

&quot;We disagree, and believe the Fed will in September come with a balance sheet reduction and hike rates in December.&quot;

The US&nbsp;central bank is roughly at the mid-point on its current path to normalize interest rates as the economy has shown further improvement even without fiscal stimulus, San Francisco Federal Reserve President John Williams told CNN television on Wednesday.

Higher interest rates could boost the dollar, making commodities priced in the greenback more expensive for holders of other currencies.

Spot gold may test a resistance at $1,294 per ounce, a break above which could lead to a gain to the next resistance at $1,304, Reuters technical analyst Wang Tao said.

&quot;In the shorter term, and in the absence of any geopolitical headlines, traders should watch the performance of the dollar against its G-10 peers for clues to gold&#39;s short term direction,&quot; said Jeffrey Halley, a senior market analyst at OANDA.

Meanwhile, palladium was up 0.9 per cent at $922 after earlier marking it highest since Feb. 2001 at $926.

&quot;Palladium took some inspiration from the more industrially oriented metals,&quot; UBS&#39;s Schnider said, pointing to a broad based rally that has pushed the prices of aluminium, copper, and zinc to multi-year peaks.

The auto industry is by far the largest consumer of the palladium

Among other precious metals, silver was up 0.2 per cent at $17.11 per ounce, while platinum eased 0.3 per cent to $974 an ounce.

The auto industry is by far the largest consumer of the palladium

Gold rose on Thursday as the dollar remained subdued after minutes from the US Federal Reserve's July meeting hinted at a delay in further rate hikes, while palladium hit a fresh 16-year high. Spot gold was up 0.3 per cent at $1,287.01 per ounce by 0340 GMT, after gaining nearly 1 per cent the previous day. US gold futures for December delivery rose 0.8 per cent to $1,292.80 per ounce. "It's a dollar story and a concern that the market's been having with regards to geopolitical events," said Dominic Schnider at UBS Wealth Management in Hong Kong. The US dollar was on the defensive on Thursday after the minutes from the Fed's last policy meeting showed policymakers were increasingly wary of the recent softness in inflation and some called for halting interest rate hikes until it was clear the trend was transitory. "The market believes at the moment that there's not much inflation and the Fed need not do much," Schnider said. "We disagree, and believe the Fed will in September come with a balance sheet reduction and hike rates in December." The US central bank is roughly at the mid-point on its current path to normalize interest rates as the economy has shown further improvement even without fiscal stimulus, San Francisco Federal Reserve President John Williams told CNN television on Wednesday. Higher interest rates could boost the dollar, making commodities priced in the greenback more expensive for holders of other currencies. Spot gold may test a resistance at $1,294 per ounce, a break above which could lead to a gain to the next resistance at $1,304, Reuters technical analyst Wang Tao said. "In the shorter term, and in the absence of any geopolitical headlines, traders should watch the performance of the dollar against its G-10 peers for clues to gold's short term direction," said Jeffrey Halley, a senior market analyst at OANDA. Meanwhile, palladium was up 0.9 per cent at $922 after earlier marking it highest since Feb. 2001 at $926. "Palladium took some inspiration from the more industrially oriented metals," UBS's Schnider said, pointing to a broad based rally that has pushed the prices of aluminium, copper, and zinc to multi-year peaks. The auto industry is by far the largest consumer of the palladium Among other precious metals, silver was up 0.2 per cent at $17.11 per ounce, while platinum eased 0.3 per cent to $974 an ounce.

Gold edges up after gaining on softer dollar

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

Gold hits more than one-week high on Gulf tensions

Gold edges lower as dollar firms; weaker equities limit losses

Gold edges up after gaining on softer dollar