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MTECHTIPS;-Palladium Peaks Again; Gold Near Monthly High Before Retreating

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MTECHTIPS;-Palladium Peaks Again; Gold Near Monthly High Before Retreating

MTECHTIPS-The palladium bull remains irrepressible, but the gold bug is having trouble staying on the bronco as the U.S. labor market lends a modicum of support to a dollar all but forsaken by the Fed. The spot price of palladium, an auto-catalyst metal, shot to record peaks for a fourth-straight day on Thursday, its third above the key $1,600 level. Spot palladium was up $5.60, or 0.4%, at 1,600.10 per ounce by 3:34 PM ET (19:34 GMT), after setting an all-time high at $1,616.30. The silvery-white metal has benefited all week on speculation of continued scarcity in the commodity, which is produced mainly in Russia and South Africa. The Federal Reserve’s reassurance of a benign interest rate regime in the U.S. through 2019, communicated through its decision on not to raise rates again in March, battered the dollar on Wednesday and added froth to in the gold and palladium markets. Palladium futures, traded on the Comex division of the New York Mercantile Exchange, settled down $2.50, or 0.2%, to $1,557.90 per ounce after a peak at $1,576.60. Gold also rallied early in the day, notching a month’s high above $1,300 in early trade, but it fell back as the dollar bolted up on data showing the number of Americans filing applications for unemployment benefits fell more than expected last week

 



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