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Palladium reaches 1600 dollar an ounce for the first time

2019-03-19 10:20 am | Resource: News | No Views : 159

 Palladium surpassed other precious metals on Tuesday, rising 1.43% at 9:58 am, reaching a record high of $ 1601.36 an ounce.

The most valuable among the four, gold has exceeded in 2018 against the backdrop of strong demand in the automotive industry. Production has been exceeded for seven consecutive years, with no sign of decline. Palladium is most commonly used in the manufacture of catalytic converters for hybrid gas systems. Russia, the largest supplier, said last week it was considering a six-month export ban on scrap metal.

Wall Street rallied ahead of Fed meeting

 US equity markets posted gains in Tuesday's trading ahead of the market ahead of the Fed's two-day monetary policy meeting, which began later in the day. The central bank is widely expected to maintain key interest rates and adopt a more cautious tone, suggesting little or no monetary tightening at the end of 2019.

On the data front, US factory orders will be issued today, while FedEx is set to report its quarterly earnings report.
  • The Dow Jones was up 0.38% in futures trading.
  • While the Nasdaq 100 rose 0.34% at the same time.
  • At the same time, the Standard & Poor's 500 index was up 0.36% in the positive territory before the opening bell.

The euro rose 0.14% against the dollar to sell against 1.1352 at 11:30 pm CET.

The US Federal Reserve is scheduled to publish an update on monetary policy and economic expectations. Markets have identified a moderate opportunity to cut interest rates this year, which can support spending and consumer prices. Precious metals are the most traditional shield against inflation.
  • Gold was below its previous high of $ 1307.93, the strongest since March 14, and traded 0.18% in the Green Zone at $ 1305.84 an ounce.
  • Silver rose just 0.2% to $ 15.38.
  • Platinum palladium platinum rose 0.57% to $ 841.04 an ounce immediately after rising to $ 841.27, the level last seen five days ago.

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