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Gold rises to its highest level in more than three months

2018-10-23 09:00 am | Resource: NEWS | No Views : 274


 Tuesday's sell-offs, widely attributed to geopolitical risks, but also concerns about the stability of the Chinese economy, drove investors towards traditional safe havens. Sovereign bonds of European countries and the United States jumped, while silver led the way in terms of the relative value of precious metals.

However, gold has advanced to the highest rating since August 17 at $ 1236.26 an ounce. Earlier, platinum reached $ 1.137.95, the strongest mark since the highest level ever, recorded on January 15th.

The palladium is looking to the historic peak with Trump's intention to scrap the nuclear weapons treaty

The moderate dollar's slide against its major counterparts on Tuesday helped push up spot prices for precious metals, often backed by a sell-off in the stock markets amid geopolitical risks and worries about China's health. The jump in asset class valuations, a traditional safe haven, was the most prominent in palladium. The materials reached $ 1,137.95 an ounce, slightly below their all-time high, which was recorded on January 15. It traded up 0.99% at 9:57 am and was sold at $ 1.136.12.

The global supply has lagged far behind the growth of industry needs. The protest coincided with the withdrawal of the United States from the Treaty of Nuclear Power Mid-Range, or INF, signed with the Soviet Union in 1987. Russia is a major producer of palladium, which involves the risk of supplying materials used in catalytic converters for diesel engine cars.

Precious metals trading
  • The yellow metal rose 1.1% at 10:44 CET amid turmoil in stocks, selling at $ 1,235.5 per ounce.
  • The silver index jumped 1.27% to $ 14.75, compared with a session high of $ 14.77, which has not been seen since October 16.
  • Platinum rose 0.74% to trade at $ 828.86
  • Palladium was 0.81% in green zone at $ 1134.17 an ounce.

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