Commodity News
HeadLine : Gold Reaches 7-Year Highs Above $1,600; New Palladium Record
Date : Feb 20 2020
Futures of gold hit seven-year highs above $1,600 an ounce Wednesday, extending Tuesday’s first break of that level in six weeks, as equity global markets shot up in a relief rally from an easing in China’s pandemic. Palladium’s spot and futures prices, meanwhile, shot to new all-time peaks as worries about supply tightness in the autocatalyst metal — after a power crisis in major producing country South Africa — sparked long accumulation of investible products tied to the commodity. Gold futures for April delivery on New York’s COMEX settled Friday’s trade up $8.20, or 0.5%, at $1,611.80 per ounce. The session high of $1,614.25 was the highest since February 2013. Palladium futures for March delivery on COMEX ended up $73.60, or 3%, at $2,571.20 after a record high at $2,755.90. Palladium prices are already up more than 45% year to date, compared to the 54% they gained during all of 2019.

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