Tag: Gold Prices

Gold prices edge up after hitting fresh 2018 low

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold prices recovered slightly early on Wednesday, after sliding to the lowest level this year in the previous session on surging US bond yields and a stronger dollar.

FUNDAMENTALS

* Spot gold rose 0.2 percent to $1,292.73 per ounce at 0048 GMT, after shedding 1.7 percent and marking the lowest this year at $1,288.31 in the previous session.

* This was also the lowest price level for the yellow metal since Dec. 28.

* US gold futures for June delivery were up 0.1 percent at $1,292.10 per ounce.

* The dollar hovered near a five-month high against a group of major currencies on Wednesday, as a surge in the benchmark 10-year Treasury yield above 3 percent reignited a rally that had lost steam last week.

* The yield on the benchmark US 10-year Treasury note hit its highest in about seven years on Tuesday on the heels of a report that indicated a pick-up in consumer spending, lifting the dollar to its strongest level this year.

* US retail sales increased marginally in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate after slowing sharply in the first quarter.]

* Federal Reserve Chair Jerome Powell’s top deputies are edging toward a clash that could shape the pace of interest-rate hikes in coming months, as well as how the Fed should prepare for and combat the next economic downturn.

* Bank of England Deputy Governor Ben Broadbent said in an interview on Tuesday with the Telegraph that the central bank will not “spoon feed” markets with meeting-by-meeting interest rate hikes.

* The United States is seeking to make a trade deal with China, White House economic adviser Larry Kudlow said on Tuesday.

* North Korea on Wednesday threw into question an unprecedented summit between its leader Kim Jong Un and US President Donald Trump scheduled for next month, denouncing military exercises between South Korea and the United States as a provocation and calling off high-level talks with Seoul.

* Palestinians buried the dead on Tuesday from the bloodiest day in Gaza in years, after Israeli forces killed 60 Palestinians near the Gaza-Israel border during demonstrations against the opening of the US embassy in Jerusalem.

* European powers vowed to keep the 2015 nuclear deal alive without the United States by trying to keep Iran’s oil and investment flowing, but admitted they would struggle to provide the guarantees Tehran seeks.

* The London Bullion Market Association said on Tuesday it had suspended the Ekaterinburg Non-Ferrous Metals Processing Plant from its gold and silver good delivery lists due to “ownership related issues”.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold hits fresh 2018 low as rising yields lift dollar

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold slid more than 1% on Tuesday, falling for a third day to hit its lowest this year as a rise in US borrowing costs pushed up the dollar and overshadowed the impact of strife in Gaza.

Downward momentum in gold picked up after the metal broke below support at its 200-day moving average at $1,306 an ounce. That firmly underpinned prices earlier this month.

Spot gold lost 1.6% at $1,290.91 an ounce by 1:35 p.m. EDT (1735 GMT), earlier hitting its lowest since late December at $1,289.40. US gold futures for June delivery settled down $27.90, or 2.12%, at $1,290.30 per ounce.

Israeli troops shot dead dozens of Palestinian protesters on the Gaza border Monday when the high-profile opening of the US embassy to Israel in Jerusalem by the Trump administration raised tension to a boiling point.

But gold investors were fixated on the US dollar, which rose versus a currency basket as 10-year US bond yields shot above 3%, sending borrowing costs higher in a number of other countries.

“It’s a risk-off play across the board. The downward slide in pretty much all commodities and equities, you can refer that to a stronger dollar and higher yields,” said David Meger, director of metals trading at High Ridge Futures.

A Federal Reserve official backed the case for further US interest rate hikes, saying inflation had not yet reached the US central bank’s 2% goal in a sustained way.

Higher US interest rates tend to boost the dollar and bond yields, making greenback-denominated gold more expensive for holders of other currencies and denting the appeal of non-yielding assets such as bullion.

“The market’s been waiting for the next rate hike by the Fed … and I think gold prices are going to remain under pressure till we get through that hike,” ANZ analyst Daniel Hynes said in a note.

However if yields were to ease, bullion could recover lost ground over the coming days, Forex.com market analyst Fawad Razaqzada said. “Otherwise the only hope for dollar-denominated gold is a potential correction in the greenback now.”

Silver declined 1.5% at $16.26 an ounce, earlier hitting its lowest in nearly two weeks at $16.18 an ounce.

Platinum lost 1.2% at $893.99 per ounce, falling to a 1-1/2-week low of $892.24 per ounce.

Palladium dropped 1% at $986 an ounce, earlier dipping to a one-week low of $964. It broke support at its 200-day moving average at $988 an ounce.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold crawls up on safe-haven support; dollar limits gains

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold prices inched higher on Tuesday on safe-haven buying, but upside potential for the metal was capped by a firm dollar and outlook for further interest rate hikes in the United States.

Spot gold rose 0.1 percent to $1,313.54 per ounce at 0325 GMT.

US gold futures for June delivery were, however, down 0.4 percent at $1,313.40 per ounce.

The rising tensions in Gaza induced some safe-haven buying for gold earlier in the session, ANZ analysts said in a note.

Israeli troops shot dead dozens of Palestinian protesters on the Gaza border on Monday when the high-profile opening of the US embassy to Israel in Jerusalem by the Trump administration raised tension to boiling point after weeks of demonstrations.

“We’re seeing little sparks of interests on the back of these issues but at the moment it doesn’t look significant enough to raise concerns over the medium-term which support a more sustained level of safe-haven buying,” ANZ analyst Daniel Hynes said.

Meanwhile, a firmer dollar and stronger US bond yields on Tuesday, after a Federal Reserve official backed the case for further interest rate hikes in United States, were limiting upside for gold.

“The market’s been waiting for the next rate hike by the Fed… and I think gold prices are going to remain under pressure till we get through that hike,” Hynes said.

The US central bank is widely expected to raise benchmark interest rates at its next policy meeting in June.

Higher interest rates tend to boost the dollar and push bond yields up, making greenback-denominated gold more expensive for other holders and denting its non-yielding appeal.

The US yield curve could invert later this year or early 2019, St. Louis Federal Reserve James Bullard said on Monday, a scenario which has preceded recent U.S. recessions.

Elsewhere, three European Central Bank policymakers stuck with an upbeat assessment of the euro zone economy on Monday, shrugging off signs of a slowdown in inflation and activity.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.17 percent to 856.17 tonnes on Monday.

Spot gold may retest a support at $1,302 per ounce, Reuters technical analyst Wang Tao said.

In other precious metals, silver was unchanged at $16.50 per ounce. Platinum rose 0.2 percent to $906.50 per ounce, while palladium was 0.1 percent lower at $994.50.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold firms as dollar rally pauses, geopolitical tensions simmer

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold rose on Thursday as the dollar edged away from 2018 highs after weaker than forecast U.S. inflation data and as simmering tensions between the United States and Iran lent the precious metal further support.

The dollar slipped from a 4-1/2 month peak after U.S. data showed the consumer price index rose 0.2 percent in April versus forecasts for a 0.3 percent increase. A weaker dollar makes dollar-priced gold cheaper for non-U.S. investors.

Also helping gold, viewed as a safe-haven investment, was U.S. President Donald Trump’s move on Tuesday to withdraw from a nuclear accord with Iran, raising the risk of conlfict in the Middle East.

Israel said on Thursday that it had attacked nearly all of Iran’s military infrastructure in Syria after Tehran fired rockets at Israeli-held territory for the first time.

“We’ve seen a (dollar rally) in the last few weeks, but actually gold hasn’t gone down as far as you might think, so political tensions are helping,” said Macquarie commodities strategist Matthew Turner.

Turner added, however, that the dollar was the main driver for gold and he expects the precious metal to come under pressure in the near term, with the dollar extending its rally.

Spot gold rose by 0.6 percent to $1,319.66 an ounce by 1237 GMT. U.S. gold futures for June delivery were also up 0.6 percent at $1,321.40.

Capping the precious metal’s gains was evidence of risk appetite, with global equities hitting a three-week high as rising oil prices gave energy companies a shot in the arm that countered the effects of increased political uncertainty.

North American gold-backed exchange-traded funds registered inflows in April at their highest level since September 2017, with safe-haven purchases ushered in by a trade stand-off between the United States and China, Syria tensions and worries about possible U.S. sanctions on Russia.

Spot gold looks neutral in a range of $1,302-$1,317 an ounce, said Reuters technical analyst Wang Tao.

In other precious metals, silver gained 0.6 percent to $16.59 an ounce after hitting a two-week high at $16.62 in the previous session.

Platinum rose 0.9 percent to $918.20 while palladium edged up by 0.1 percent to $975.72.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold little changed amid firm dollar; Iran tensions support

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold traded sideways in a tight range on Thursday as the dollar held firm near its 2018 peak on strong U.S. bond yields, with investors also keeping an eye out for any further impact from U.S. President Donald Trump’s decision to pull out of a nuclear deal with Iran.

Spot gold was nearly unchanged at $1,311.82 per ounce by 0714 GMT.

U.S. gold futures for June delivery were 0.1 percent lower at $1,312 per ounce.

“This time around I think the rising geopolitical tensions in the Middle East added some safe-haven appeal to gold,” said Helen Lau, analyst at Argonaut Securities in Hong Kong.

“A lot of counteracting forces are playing against gold so that’s why it’s trading in a very tight range,” Lau said, adding that a firm dollar and rising U.S. Treasury yields were capping upside.

Asian stocks rose on Thursday with energy shares leading the way as crude oil prices bolted higher after U.S. President Donald Trump’s decision to scrap the nuclear deal with Iran.

Dismayed European allies sought on Wednesday to salvage the deal with Iran after Trump ordered sanctions be reimposed on Tehran.

The dollar held firm on Thursday after the 10-year U.S. bond yield rose back to the psychologically important 3 percent mark and investors looked to U.S. consumer price (CPI) data due later to show a acceleration in inflation.

The U.S. CPI data will also be scoured for outlook on the Federal Reserve’s interest rate hike path after weaker-than-expected data earlier this month did little to dampen expectations of a June interest rate hike.

Higher U.S. rates tend to boost the dollar and push bond yields up, adding pressure on greenback-denominated, non-yielding gold.

Elsewhere, investors are pushing back expectations for a rise in euro zone interest rates further into 2019 against a backdrop of soft economic data and disappointing inflation numbers, money market pricing suggested.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.14 percent to 862.95 tonnes on Wednesday.

Spot gold looks neutral in a range of $1,302-$1,317 per ounce, said Reuters technical analyst Wang Tao.

Meanwhile, in other precious metals, silver was 0.1 percent higher at $16.49 an ounce, after hitting a two-week high at $16.62 in the previous session.

Platinum rose 0.1 percent to $910.74 an ounce while palladium remained unchanged at $974.75.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold prices dip as dollar regains footing

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold prices slipped in early trade on Wednesday, as the dollar regained ground after briefly dipping earlier following US President Donald Trump’s decision to pull out of the Iran nuclear deal.

FUNDAMENTALS

** Spot gold fell 0.2 percent to $1,311.81 per ounce at 0111 GMT.

** US gold futures for June delivery slipped 0.1 percent to $1,312.40 per ounce.

** The dollar index, which measures the greenback against a basket of six major currencies, was up 0.1 percent at 93.199.

** Trump on Tuesday pulled the United States out of an international nuclear deal with Iran, raising the risk of conflict in the Middle East, upsetting European allies and casting uncertainty over global oil supplies.

** Oil prices pushed higher in early trading on Wednesday after the Iran announcement, a move that may curb the OPEC-member’s crude exports in an already tight market.

** Trump and Chinese President Xi Jinping discussed ongoing trade issues on Tuesday, as both sides continue to position themselves amid a heated feud over tariffs between the world’s two largest economies.

** The US Federal Reserve is entering new terrain in its post-crisis planning: how to describe the conditions under which it would try to slow the economy and to do so without alarming financial markets.

** A stronger-than-expected rebound in German industrial output in March and an increase in exports in the same month helped to ease concern on Tuesday that growth in Europe’s biggest economy had come to a standstill at the start of the year.

** The slowdown in euro zone growth is not dramatic and the European Central Bank can still end its bond purchase scheme this year, ECB policymaker Vitas Vasiliauskas told German newspaper Boersen-Zeitung on Tuesday.

** Many Bank of Japan policymakers have set their sights on exiting from ultra-easy monetary policy and will favour raising interest rates if the economy continues to recover, former central bank board member Takahide Kiuchi told Reuters on Tuesday.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold retreats from one-week high on firmer dollar

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold prices shed earlier gains to edge lower on Monday, as the dollar held near a four-month peak, dampening the appeal of bullion.

Spot gold was down 0.2% at $1,311.91 an ounce by 0816 GMT. Earlier in the session, it touched $1,318.85, its highest since April 30.

US gold futures for June delivery slipped 0.2% to $1,312.60 per ounce.

Prices had earlier touched a one-week high, benefiting from a slightly weaker dollar as investors mulled over the impact of Friday’s mixed US employment data.

“Price action suggests that the yellow metal has struggled to find any real support in April’s disappointing US jobs report,” said Jameel Ahmad, head of global currency and market research at FXTM.

The dollar, however, firmed and traded near its 2018 peak during late Asian hours, as the data did little to temper perceptions of strength in the US economy.

“Traders are taking every opportunity to buy the dollar index … This has an impact on the price of the gold,” said Naeem Aslam, chief markets analyst, Think Markets.

“The US NFP number released on Friday was largely short of expectation, but investors have still focused on the factors which are positive; the headline employment number. These factors are keeping the dollar rally going which is pushing the gold price lower.”

Meanwhile, two Federal Reserve officials on Friday said they were keeping an open mind on the total number of rate hikes needed this year.

US interest rate futures rose modestly on Friday, as traders still expect the Fed to raise key borrowing costs at its June 12-13 policy meeting.

“With expectations still heightened over the Fed raising US interest rates in June and the dollar appreciating further, the yellow metal looks at risk to another round of selling pressure,” Ahmad said.

Gold is highly sensitive to rising US rates as these tend to boost the dollar in which it is priced.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.17% to 864.13 tonnes on Friday.

Speculators trimmed their net long positions in COMEX gold by 62,378 contracts to 51,985 contracts in the week to May 1, US data showed on Friday.

“Friday’s CFTC data indicate that prices should bottom out soon. The mood among speculative investors is very bearish already,” said Carsten Fritsch, commodity analyst at Commerzbank in Frankfurt.

Spot silver lost 0.3% to $16.43 an ounce.

Platinum advanced 0.4% to $909.74 an ounce, having earlier hit its highest since April 25 at $918.70.

Palladium rose about 1% to $976 an ounce, after earlier reaching $978, its strongest since April 27.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold steadies after three-day slide as dollar stabilises

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold steadied after three days of losses on Tuesday as the dollar stabilised off an earlier three-month peak and a rise in US Treasury yields stalled, with lower prices tempting some buyers back to the market.

Gold has slid nearly 2% in the last three trading sessions as a rally in US yields towards the 3% mark pushed the dollar index to its highest since mid-January, making the metal more attractive to price-sensitive buyers.

It also suffers from rising yields in its own right, as these lift the opportunity cost of holding non-interest bearing assets like bullion.

Spot gold was up 0.2% at $1,326.91 an ounce at 0930 GMT, while US gold futures for June delivery were up $4.80 an ounce at $1,328.80.

“There are still a lot of risks out there that could flare up at any time,” Capital Economics analyst Simona Gambarini said. “There might be some investors who hadn’t bought insurance before who think now is a good time to get in.”

Gold is often seen as a safe store of value in times of elevated geopolitical or financial risk.

It has benefited in recent weeks from concerns over the US-China trade dispute, sanctions on Russia and unrest in the Middle East, but has been kept in check by the prospect of further interest rate hikes from the Federal Reserve.

“Based on interest rates, prices should be lower,” Gambarini said. “But there are a lot of other factors, and a lot of tensions that have been boosting prices… we think gold will continue to trade in this range between $1,300-1,350 depending on what happens with those risks, and the Fed hiking rates.”

The dollar took a breather on Monday after its recent march higher as US yields retreated, while European stocks rose another 0.2%.

Autocatalyst metal palladium was down another 1.1% at $967.47 an ounce, having plunged 5% on Monday after the US gave American customers of Russia’s biggest aluminium producer Rusal more time to comply with sanctions.

Rusal owns a 28% stake in Norilsk Nickel, the world’s biggest palladium producer.

“(Palladium) has followed base metals prices on their downward trajectory now that the United States is considering lifting the sanctions against Rusal and probably will not impose further sanctions against Russia,” Commerzbank said in a note.

“In response, the price gap to platinum has narrowed to $50 per troy ounce again.”

Platinum was 0.2% higher at $919.20 an ounce, while silver was up 1% at $16.69 an ounce after falling over 3% in the previous session.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold prices rise as dollar slips to lowest in nearly three weeks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold prices nudged higher as the U.S. dollar slid to its weakest level in about three-weeks, with the metal also supported by festering worries over U.S.-China trade tensions.

Spot gold had gained 0.2% to $1,347.81 an ounce by 0707 GMT, while U.S. gold futures were steady at $1,350.60 an ounce.

“Despite a quietening of negative headlines overnight, its unlikely we’ve seen the last of China trade tensions or a weaker U.S. dollar for that fact. All of which continues to provide the most apparent reasons to own gold,” said Stephen Innes, head of trading for Asia-Pacific for OANDA in Singapore.

The dollar index, which measures the greenback against a basket of currencies, eased to a low of 89.270 earlier in the session, its weakest since March 28.

Against the yen, the dollar was down 0.2% at 106.93, off its seven-week high of 107.78 yen touched on Friday as traders braced for a meeting between U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe starting on Tuesday.

Meanwhile, the likelihood that there would be no immediate military escalation in Syria following the weekend missile strikes by the United States, Britain and France, improved investor appetite for risk and limited gold’s gains.

“In my view geopolitical events tend to have short-lived impact on gold prices unless they have far reaching economic consequences. So in this sense, the Russian/Chinese sanctions are far more important to the world economy and to gold as opposed to one-off strikes in Syria,” said INTL FCStone analyst Edward Meir.

Gold is often seen as an alternative investment at times of political and financial uncertainty.

The U.S. yield curve reached it flattest level in over a decade on Monday after the White House said President Trump would nominate Richard Clarida as Federal Reserve Vice Chairman, adding another hawkish voice at the central bank.

On Monday, Trump also accused Russia and China of devaluing their currencies while the United States raises interest rates.

Higher rates tend to boost the dollar, making greenback-denominated gold more expensive for buyers using other currencies.

In other precious metals, silver rose 0.7% to $16.72 per ounce and platinum was 0.5% higher at $928.99.

Palladium advanced 0.5% to $1,006 an ounce, after rising to $1,012.10 in the previous session, its strongest since March 1.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold eases on receding fears over US-China trade war

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold retreated on Monday, erasing the previous session’s slim gains as fading concern over potential escalation in the trade stand-off between China and the United States sparked a recovery in cyclical assets such as stocks at bullion’s expense.

Gold rose half a percent on Friday as simmering worries over trade friction and softer than expected US payrolls data for March knocked equities and the dollar lower. However, it has struggled to maintain those gains.

Spot gold was down 0.3% at $1,328.31 an ounce by 1145 GMT, while US gold futures for June delivery fell by $4.20 to $1,331.90.

“Holdings of physically backed gold products have been creeping up slowly, but not to the extent that you’d expect if a trade war was on the verge of breaking loose,” said Julius Baer analyst Carsten Menke.

“This is reflected in the gold market overall at this point in time. In the end, everybody knows a trade war will only bring losers and no winners, and this is what will eventually prevail when they sit together and negotiate the issues.”

Global equities rose and the dollar steadied on Monday as the US government played down fears of a trade war with China.

US President Donald Trump predicted on Sunday that China would take down its trade barriers, expressing optimism despite escalating tensions between the nations.

Trump late on Thursday threatened to slap $100 billion more in tariffs on Chinese imports, while Beijing said it was fully prepared to respond with a “fierce counter strike”.

Hedge funds and money managers cut their net long position in COMEX gold in the week to April 3 and boosted their net short position in silver to another record, U.S. Commodity Futures Trading Commission data showed on Friday.

Silver was flat at $16.35 an ounce, while platinum gained 0.3% to $917.90.

Palladium, which as a component in auto catalysts is the most industrial of the major precious metals, was up 2.8% at $925.97 an ounce, in line with a bounce in other cyclical assets.

The metal had fallen for the past 11 sessions, hitting its lowest since mid-August at $895.47 on Friday. It is now down more than a fifth from the record high reached in January.

“The near 20% correction in palladium prices signals a possible bear market,” Scotia Mocatta said in a monthly note.

The correction is not surprising given the sharp price gains of recent years, it said, but added: “Palladium’s strong fundamentals remain in place, so we would expect dip-buying before too long.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow