Gold steady

29 Oct 2019


LONDON: Gold steadied on Monday after jumping 1 per cent in the previous session as progress in US-China trade talks limited further gains, and as caution set in ahead of this week’s US Federal Reserve meeting.

Palladium meanwhile continued a record run linked to supply shortages to hit another all-time high.

Spot gold was up 0.1pc at $1,505.18 per ounce as of 1036 GMT, while US gold futures were 0.2pc higher at $1,508.40 per ounce.

Traders are watching for further clues on the outlook for monetary policy at the Fed’s Oct. 29-30 meeting, at which the US central bank is widely expected to agree to cut its benchmark interest rates for the third time this year.

Among other precious metals, palladium rose 1.3pc to $1,785.64 per ounce, having earlier hit a record high of $1,788.76.

The metal, used in vehicle exhaust systems to reduce harmful emissions, has climbed about 41pc so far this year on a sustained supply crunch.

Silver rose 0.2pc to $18.05 per ounce, while platinum was up 0.4pc at $929.92 per ounce.

Published in Dawn, October 29th, 2019