Gold, Palladium Lead Precious Metals Higher

By Glenn Dyer | More Articles by Glenn Dyer

Gold futures had their highest finish in two weeks Friday, as progress as US-China trade negotiations continued, overshadowing strength in the dollar and a pick up in global share markets, especially in Europe and the US.

Meanwhile, the price of palladium continued to surge with the Comex price topping $US1,400 an ounce to notch a record for futures prices and a weekly rise of nearly 3%.

April gold rose $US8.20, or 0.6%, to settle at a two-week high of $1US,322.10 an ounce on Comex in New York. Friday’s gains erased a loss for the week, leaving the metal up 0.3% for the week.

Comex March silver meanwhile, added 21.5 cents, or 1.4%, to finish at $US15.743 an ounce, but down 0.4% for the week.

Among other metals, March copper added 0.9% to $US2.799 a pound, for a weekly loss of 0.4%. April platinum rose 2.2% to $US806.90 an ounce, ending down about 0.5% higher for the week.

In London three month LME copper rose 0.8% at $US6,188 a tonne. on Friday but that still left it down 0.4% for the week, its first weekly fall since early January.

March palladium settled up 1.5% at $US1,407.20 an ounce — a fresh record high, based on FactSet data going back to November 1984. The most-active contract was up 2.6% for the week.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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