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Gold Climbs on Weaker Dollar as Palladium Hits 16-Year High

August 16, 2017
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Gold prices increased on Thursday as the dollar remained soft following minutes from the U.S. Federal Reserve’s July meeting which implied a delay in further interest rate hikes. Palladium reached a new 16-year peak.

Spot gold rose 0.3 percent at $1,287.01 an ounce, after gaining almost one percent the day earlier.

U.S. gold futures for December delivery were up 0.8 percent to $1,292.80 an ounce.

Spot gold could test a resistance at $1,294 an ounce, a break above which might lead to a gain to the next resistance at $1,304, according to Wang Tao, a technical analyst at Reuters.

Palladium jumped 0.9 percent at $922 after previously touching its highest since Feb. 2001 at $926.

“Palladium took some inspiration from the more industrially oriented metals,” according to UBS’s Schnider, indicating a wide based rally which has propelled the prices of aluminium, copper and zinc to multi-year highs. So far, the auto industry has been the biggest consumer of palladium.

Silver rose 0.2 percent at $17.11 an ounce and platinum eased 0.3 percent to $974.

The material has been provided by InstaForex Company – www.instaforex.com

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