Gold bullion prices were trading at generally steady levels in Europe on Thursday, consolidating in a new higher upside range – wider financial markets are starting to adapt to the implications of the UK vote a week ago to leave the EU, traders said.
This morning, equity markets had slipped back slightly after a sharp two-day rally while in currencies the dollar was little changed – the basket index stood around 95.70.
Spot gold was around $1,315.25/1,315.65 per ounce against a previous $1,315.20. The market is seeing support on dips, having fallen back from last week’s 27-month highs of $1,359.
In others, the more risk-friendly environment was underpinning values, with palladium hitting a six-week high of $594 per ounce. It was indicated at $586/593, compared with a previous close of $588. Platinum was quoted at $1,003/1,009, down $5 but consolidating above $1,000, having hit a three-week high of $1,011 on Wednesday.
Silver was at $18.32/18.34 per ounce, up six cents and having earlier traded near the previous day’s 17-month high of $18.45 – the metal has gathered support from trends in major base metals, which have been resilient in the post-Brexit market.
(Editing by Mark Shaw)
The post Gold prices stabilise, palladium sets six-week highs appeared first on The Bullion Desk.
Read More
Source: Bullion Desk News
