Palladium over takes twin sister Platinum first time since 2001; Gold slightly up

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Prices for Gold rose on Thursday, after falling to their one month lows amidst US- North Korean tensions, while platinum fell on a discount to palladium since 2001 on declining demand for diesel cars.

Spot gold rose 0.3 percent to $1,284.36 per ounce at 0127 GMT after it revisited the previous session's low of $1,280.72 an ounce, the lowest since Aug. 25

U.S. gold futures for December delivery fell 0.1 percent to $1,287.00 per ounce.

Palladium hit price parity with its better-known sister metal platinum on Wednesday for the first time since 2001, as demand expectations for the two assets diverge.

Platinum, used heavily in diesel vehicles fell out of favors since demand for Diesel fueled cars continues to decline around the globe, since automakers have announced abandoning the production of cars. Palladium, on the other hand has gained some traction since more and more companies shift towards gasoline fueled cars and other hybrid models.

Asian markets are all set to witness a surge in the Gold prices, as India, world’s second largest consumer of Gold, is all set to welcome the holiday season. Illegal smuggling is also expected to rise in India as consumers avoid paying the newly erected taxes and evade transparency rules. 

Posted on: 2017-09-28T14:10:00+05:00

Data is delayed by 20 minutes


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