Palladium rose 1.9% to $2,678.03 an ounce at 1:53 p.m. in New York after reaching a record $2,849.61 earlier. For a second straight day, the metal’s 14-day relative index stayed above 70, a level seen by traders who study charts as a sign that the commodity is overbought and poised to decline. Futures settled 2.9% higher on the New York Mercantile Exchange.
Tighter supply and China’s support for the auto sector “do not justify the renewed upswing in price in our opinion,“ Commerzbank’s Briesemann said.
Spot gold advanced 0.5% to $1,609.05 an ounce. Futures closed 0.5% higher on the Comex in New York.
--With assistance from Eddie van der Walt, Felix Njini, Justina Vasquez and Yvonne Yue Li.
This article was provided by Bloomberg News.