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Production disruptions at Russia’s Norilsk Nickel have impacted the platinum and palladium markets, aiding in positive price action for both.
Supply challenges continue to drive the palladium price higher, and the metal registered a fresh all-time high of US$3,052 per ounce this week.
As palladium moved upward, volatility rocked gold, sending it from US$1,788 per ounce on Wednesday (April 28) to US$1,755 less than 24 hours later.
The yellow metal had been on course for its first monthly gain in four weeks, but positive economic data out of the US pushed 10 year Treasury yields higher, a headwind for gold.
After dipping as low as US$1,724.80 on March 1, the safe haven asset was approaching the US$1,800 mark this week before retreating.
Palladium rocketed to an all-time high of US$2,875 on Friday. Output disruptions mixed with forecasts of rising automotive demand are fueling the uptick.
Gold was moving towards a third week of gains as headwinds related to US 10 Year Treasury yields and the American dollar dissipated.
As yields and the greenback consolidated, concern over US President Joe Biden’s tax plan announcement and the US Federal Reserve’s meeting next week aided the yellow metal’s growth.
Values moved from US$1,775.90 per ounce to a four week high of US$1,796.50 by Wednesday (April 21).
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The gold price reached a four week high of US$1,757 per ounce this session following a disappointing performance in March.
Gold reached a four week high of US$1,757 per ounce this session after a disappointing March. The early April rally comes courtesy of weaker 10 year Treasury yields and a lower US dollar.
After slipping to a six month low of US$1,721 on Monday (April 5), the yellow metal made two sharp gains, breaching the US$1,750 threshold on Thursday (April 8).
As the dollar and yields reversed course late in the week, gold was weighed down to US$1,745.
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