The buoyant dollar and concern about global growth has encouraged profit-taking after the metal’s recent rally
Spot gold prices were steady at $1,309.71 per ounce, with bullion touching a one-week low earlier in the session, mainly pressured by a strong dollar.. Picture: REUTERSPalladium prices fell to a more than five-week low on Thursday, a day after the metal posted its steepest decline in over two years, as concerns about the global economy and a buoyant dollar prompted investors to take profits.
“With the concerns around economic growth and a stronger dollar, investors took profits after the strong rally we’ve had in the past few weeks,” ANZ analyst Daniel Hynes said, adding that worries about demand have emerged amid tight supplies. The auto-catalyst metal was trading below the 55-day moving average of around $1,453 per ounce, which it breached for the first time since August on Wednesday.
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