Gold holds above $1,300, palladium hits highest since 2001

Reuters/Eric Onstad/10-16-17

Gold held above the psychological $1,300 mark on Monday, supported by ongoing tensions over Iran and North Korea and recent weak U.S. economic data.

Palladium made another break above $1,000 an ounce to the highest levels since 2001 on the back of strong Chinese auto sales.

…”Last Friday we had rather disappointing CPI number, which further enforced the view that there’s no need for the Fed to be very aggressive in terms of rate hikes,” said analyst Carsten Menke at Julius Baer in Zurich.

…”Now it seems that gold has some legs above $1,300 level, which attracts some technical buying. The bulls have the upper hand, at least for the moment. I wouldn’t expect a sharp down move over the next couple of weeks.”

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