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Gold hits 10-month high, palladium pops to new record

  • Gold prices jump to their highest level in nearly 10 months, lifted by safe-haven buying as investors monitored continuing trade talks and political uncertainty in Europe.
  • April Comex gold +1.4% to $1,340.80/oz., adding more than 4% YTD and on track for its highest close since April a year ago.
  • "The uncertainty of the trade talks and fears that the U.S. equity market may be running out of steam is creating capital flows into a more protective allocation," says Peter Hug, global trading director at Kitco Metals, adding that Brexit "has the potential to derail the entire continent."
  • "Further weakness in government bond yields could underpin the lower-yielding and non-interest bearing assets such as gold and silver even more profoundly going forward, although equities cannot ignore a deteriorating global economy for too much longer," says Forex.com's Fawad Razaqzada.
  • Gold mining names are broadly higher: GOLD +3.9%, NEM +3.6%, GG +3.7%, KGC +6.7%, AUY +4.9%, AEM +2%, IAG +3.6%, SBGL +8.8%.
  • Meanwhile, palladium hits a record high to as much as $1,491/oz. due to a prolonged supply deficit.
  • "The palladium market is facing a substantially growing physical deficit... driven more from the demand side due to rising automotive demand," says Philip Newman, director at Metals Focus.
  • ETFs: GLD, GDX, NUGT, GGN, DUST, IAU, PHYS, PALL, SGOL, GOEX, UGLD, SGDM, UGL, DGP, GLL, ASA, GLDI, OUNZ, RING, DZZ, DGL, DGLD, TGLDX, PTM, DGZ, PSAU, GOAU, GDXX, BAR, GDXS, GLDW

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