Reuters reports that gold rose 0.5% on Thursday to $3,347.39 as the U.S. dollar weakened amid concerns over the Federal Reserve’s independence and ahead of key U.S. inflation data. Market focus is on potential rate cuts and their timing. Palladium and platinum surged to multi-year highs due to tight supply and sustained demand, while silver also gained 0.5%. They write:
Gold gained on Thursday as the U.S. dollar weakened due to concerns over the U.S. Federal Reserve’s future independence while market focus shifted to upcoming U.S. inflation data for clues on the interest rate outlook.
Spot gold rose 0.5% at $3,347.39 per ounce, as of 0851 GMT. U.S. gold futures firmed 0.5% to $3,360.90. […]
Palladium rose 4.3% to $1,103.70, the highest level since late-2024. Platinum firmed 3.5% to $1,402.57, the highest since 2014. […]
Internal combustion vehicles are likely to remain relevant for longer as governments delay phase-out targets, and biofuel adoption continues to rely on platinum group metals, said Nitesh Shah, commodities strategist at WisdomTree.With limited new supply and geopolitical constraints, supply is likely to remain tight, Shah said.
Spot silver climbed 0.5% to $36.49.
Read more here.
