Gold held firm near a three-month high on Monday after last week's miss on the U.S. jobs growth numbers weighed on the dollar and bolstered expectations that interest rates will remain low.
Focus turns to ECB policy meeting on Thursday Gold hits near two-month peak at $1,797.41/oz (Updates prices)
April 21 (Reuters) - Auto-catalyst metal palladium hit a record high on Wednesday fuelled by supply concerns and wider gains in precious metals prices, with gold jumping more than 1%.
Palladium surged to an all-time high of $2,891.20 per ounce and was up 4.3% at $2,880.10 per ounce at 1:41 p.m. EDT(1741 GMT).
“We’re looking at pretty decent automotive and industrial use for this catalyst,” said Bart Melek, head of commodity strategies at TD Securities, adding that with a very tight market projected, it would be difficult to source the metal.
Gold could stay in $1,760-$1,810 range in near-term- analyst (Updates prices)
April 20 (Reuters) - Gold prices rose on Tuesday as a drop in U.S. Treasury yields lifted the non-yielding precious metal’s appeal.
Spot gold rose 0.5% to $1,777.43 per ounce by 2:01 p.m. EDT (1801 GMT). U.S. gold futures settled up 0.4% to $1,778.40.
“Gold’s recent upward momentum has been driven by the fact that bonds are well bid and the USD is under pressure,” said Tai Wong, head of base and precious metals derivatives trading at BMO.
U.S. Treasury yields eased, while the dollar index was up 0.2% but hit its lowest level in about seven weeks earlier in the session.
Gold prices fell as much as 2.2% to a near one-week low on Thursday as a surge in U.S. Treasury yields and better-than-expected economic data out the United States dented demand for the safe-haven metal.