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Gold Recovers Amid ETF Buying Spree; Palladium Falls


Tuesday, 8 October 2019 16:43 WIB

GOLDEMAS


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Gold inched higher, trading near $1,500 an ounce ahead of upcoming U.S.-China trade talks, as investors continued to pile into bullion-backed exchange traded funds. Palladium dropped to a two-week low.

Spot gold gained 0.4% to $1,500.12/oz in London. Price fell 0.7% on Monday. Spot palladium fell for a second day, losing as much as 1.9% to $1,632.05/oz, the lowest since Sept. 20. Silver advanced 0.3% to $17.4975/oz; platinum also gained. Bloomberg Dollar Spot Index lost 0.1%.

Bullion got some haven support after China said it strongly opposes a U.S. decision to blacklist some of its technology, cooling optimism over a potential breakthrough in high-level talks this week. Palladium, this year’s best-performing main precious metal, has come under pressure as trade tensions weigh on the auto sector, the main user of the metal.

Source : Bloomberg


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