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

<a href="https://www.wionews.com/business-economy/gold-prices-steady-as-market-awaits-united-states-employment-report-253433">Gold</a> prices rose to their highest in nearly two weeks on Wednesday as US&nbsp;Senate measures on Hong Kong posed a potential roadblock for a trade deal between the United States and China, denting appeal for riskier assets.

Spot gold was up 0.3 per cent&nbsp;at $1,476.50 an ounce by 1015 GMT and US&nbsp;gold futures rose 0.2 per cent to $1,477.

"The US&nbsp;senate passing the Hong Kong democracy bill is raising the further risk of a trade deal running into problems and it's causing some renewed risk-off in the markets," said <a href="https://www.wionews.com/business-%26-economy/gold-locked-below-1300-as-market-braces-for-fed-meeting-143852">Saxo Bank </a>commodity strategist Ole Hansen.

"We see stocks trading weaker, bond yields moving lower and gold is ticking higher."

The US&nbsp;Senate passed two bills backing human rights in Hong Kong and banning the export of certain munitions to the region's police forces. China condemned the move and called for Washington to stop meddling in its internal affairs.

European stocks steered away from a recent peak and US&nbsp;10-year bond yields slipped to their lowest in nearly three weeks, also pressured by US&nbsp;President Donald Trump's threat to raise tariffs on Chinese imports if a trade deal cannot be reached with Beijing.&nbsp;

Investor eyes will also be on minutes from the <a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814">US&nbsp;Federal Reserve'</a>s October policy meeting, due at 1900 GMT, for additional cues on the monetary policy outlook.

The US&nbsp;central bank cut interest rates three times this year to help to sustain US&nbsp;growth but last month signalled that there would be no further cuts unless the economy takes a turn for the worse.

"The market is pricing in one cut over the next 12 months and that will change very quickly on failure to reach a (trade) deal," Saxo Bank's Hansen added.

Lower interest rates reduce the opportunity cost for holding non-yielding bullion.

Spot gold could rise into a range of $1,480-$1,485 an ounce, according to Reuters technical analyst Wang Tao.

Elsewhere, silver was flat at $17.14, platinum was down 0.1 per cent at&nbsp;$909.14 and palladium was little changed at $1,764.50.

Palladium prices could continue to firm on supply issues, and $2,000 an ounce is a likely scenario for the autocatalyst metal next year, said Ross Norman, a London-based independent analyst.

The metal hit a record high of $1,824.50 on October&nbsp;30, buoyed by a sustained supply deficit.

Gold prices rose to their highest in nearly two weeks on Wednesday as US Senate measures on Hong Kong posed a potential roadblock for a trade deal between the United States and China, denting appeal for riskier assets.

Gold prices rose to their highest in nearly two weeks on Wednesday as US Senate measures on Hong Kong posed a potential roadblock for a trade deal between the United States and China, denting appeal for riskier assets. Spot gold was up 0.3 per cent at $1,476.50 an ounce by 1015 GMT and US gold futures rose 0.2 per cent to $1,477. "The US senate passing the Hong Kong democracy bill is raising the further risk of a trade deal running into problems and it's causing some renewed risk-off in the markets," said Saxo Bank commodity strategist Ole Hansen. "We see stocks trading weaker, bond yields moving lower and gold is ticking higher." The US Senate passed two bills backing human rights in Hong Kong and banning the export of certain munitions to the region's police forces. China condemned the move and called for Washington to stop meddling in its internal affairs. European stocks steered away from a recent peak and US 10-year bond yields slipped to their lowest in nearly three weeks, also pressured by US President Donald Trump's threat to raise tariffs on Chinese imports if a trade deal cannot be reached with Beijing. Investor eyes will also be on minutes from the US Federal Reserve's October policy meeting, due at 1900 GMT, for additional cues on the monetary policy outlook. The US central bank cut interest rates three times this year to help to sustain US growth but last month signalled that there would be no further cuts unless the economy takes a turn for the worse. "The market is pricing in one cut over the next 12 months and that will change very quickly on failure to reach a (trade) deal," Saxo Bank's Hansen added. Lower interest rates reduce the opportunity cost for holding non-yielding bullion. Spot gold could rise into a range of $1,480-$1,485 an ounce, according to Reuters technical analyst Wang Tao. Elsewhere, silver was flat at $17.14, platinum was down 0.1 per cent at $909.14 and palladium was little changed at $1,764.50. Palladium prices could continue to firm on supply issues, and $2,000 an ounce is a likely scenario for the autocatalyst metal next year, said Ross Norman, a London-based independent analyst. The metal hit a record high of $1,824.50 on October 30, buoyed by a sustained supply deficit.

Gold gains as souring US-China relations dent risk appetite

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

Gold gains as souring US-China relations dent risk appetite