Gold maintained its grace-under-pressure quality on Tuesday, conceding just a little of its value despite strong U.S. economic data that prompted risk-taking across markets. Autocatalyst metal Palladium, meanwhile, broke through the much-anticipated $2,000 per ounce threshold, reaching where gold has never gone.
Gold futures for February delivery on New York’s COMEX settled up 10 cents at $1,480.60 per ounce after hitting a one-week high at $1,484.85 early in the session. In post-settlement trade it was down 65 cents by 3:30 PM ET (20:30 GMT).
Spot gold, which tracks live trades in bullion, slid by 27 cents to $1,475.73.
Gold prices have held up surprisingly well over the past week despite three major bearish events for the safe haven.
- The Fed’s decision to end rate cuts for 2019
- The landslide U.K. vote for Brexit-championing premier Boris Johnson
- The agreement in principle for phase one of the U.S.-China trade deal
Spot gold is still up 15% on the year, while gold futures are showing an annual gain of 13%.
Palladium, the autocatalyst metal in short supply, shot above spot gold’s 2011 record high of $1,920.80.
The spot price of palladium reached $2,000.50 before retreating to $1,952.62 by 3:30 PM ET (20:30 GMT), down $24.93, or 1.3%, on the day.
Palladium futures for March delivery on Comex settled down $45 at $1,918.60, after an all-time high of $1,974.50.
Spot palladium has hit record highs almost without stop since the start of December as a power crisis in South Africa, the No.2 palladium producer, led to palladium mine shutdowns that further squeezed production.
