Palladium nears monthly low despite trade worries

Monday, 11. November 2019 17:25

Precious metals traded in the red on Monday, with palladium trading at a nearly one-month low, despite the parallel drop in Wall Street stocks. Investors' sentiment was affected by uncertainty in trade relations between the United States and China. Last Friday, President Donald Trump stated he hasn't approved any cancelations of tariffs, despite messages from Beijing signaling that gradual revocation of the measures has been agreed.

At 5:22 pm CET, the price of palladium, which is commonly used in the automotive industry, fell 2.50% to $1,701.74 per ounce, lowest since October 14. Meanwhile, platinum sank 1.16% one minute later to go for $877.62 per ounce. Silver was little changed, at $16.81 per ounce, or down 0.09% at 5:25 pm CET, as spot gold lost 0.35% at the same time, selling for 1,454.60 per ounce.

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