Gold futures were seen falling, declining for a second day as tensions in both Ukraine and Iraq hurt demand for the yellow metal. Meanwhile, Palladium climbed to a 13-year high. Gold for immediate delivery slid 0.3% to $1,300.98 an ounce in London, according to Bloomberg generic pricing, after it fell to $1292.63 on Friday, the lowest since August 6. Gold futures for December delivery declined 0.33% to $1,301.90 per ounce on the Comex in New York. Silver for immediate delivery came in at $19.5715 per ounce in London, after falling to a two-month low of $19.4833.
Geopolitical Crises
Foreign ministers from France, Germany, Ukraine and Russia met in Berlin to find a common ground on how to put an end to the ongoing conflict in Ukraine after Kiev said troops destroyed parts if an armored column from Russia. Meanwhile, worries over the possibility of the ISIS could expand its region of operation eased after the US President Barack Obama authorized US airstrikes on Iraq over the weekend to help regain control over the Monsul Dam.
Palladium
Palladium gained 0.4% to $897.82 an ounce, the highest since February 2001 and climbing for the ninth straight day. The metal, which is mostly used in vehicles and electronics production, jumped 25% this year amid worries that the sanctions imposed on Russia; the biggest producer, by the US and European Union may disrupt supplies as output from South Africa, the world’s second biggest producer, were cut after a five-month strike.
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