Gold, silver trade in red as Fed update boosts dollar

Markets 11/9/2018, 8:53 AM
Gold, silver trade in red as Fed update boosts dollar

Spot prices of precious metals were mostly lower on Friday, defying a drop in stocks in the Asia-Pacific. The status of safe haven assets was pushed to the side, leaving it to benchmark bonds issued by the governments of Germany and the United States, upon a moderate advance of the dollar against major peers. Its appreciation makes commodities more expensive for holders of other currencies, normally hampering demand.

Gold was down 0.36% at 8:50 am CET, selling for $1,219.4 per ounce. Silver declined 0.5% to $14.37 and platinum lost 0.42% to $859.94 for one troy ounce.

Palladium diverged and added 0.15% to change hands for $1,218.26, following speculation in the media that Germany prepared funds to back a joint venture for battery cells for electric cars. The government apparently has the intention to finance research as well. Palladium is used in catalytic converters in gasoline-powered cars. It has enjoyed a buying spree since authorities in the country and other European states started a campaign against diesel engines, while gasoline can still be used in hybrid powertrains.

Breaking the News / IT

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Palladium US ...-

1,178.46
Chart for: Palladium US Dollars per Ounce Spot Price

Platinum US D...-

845.38
Chart for: Platinum US Dollars per Ounce Spot Price

Silver US Dol...-

14.42
Chart for: Silver US Dollars per Ounce Spot Price

Gold US Dolla...-

1,221.82
Chart for: Gold US Dollars per Ounce Spot Prices