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Aug 29, 2014

Palladium rises to fresh 13-1/2 year high; gold eases

NEW YORK/LONDON, Aug 29 (Reuters) – Palladium rose to a
fresh 13-1/2-year high on Friday on worries over uncertain
supplies from Russia, the world’s largest producer of the metal,
while gold prices eased on a dollar rise and gains in U.S.
equities.
Tensions rose after Ukraine called for full membership in
NATO, its strongest plea yet for Western military help after
accusing Russia of sending in armoured columns that have driven
back its forces in support of pro-Moscow rebels.
Supply of autocatalyst metal palladium from Russia is
expected to fall 2 percent this year, GFMS analysts said, but
the impact of potential sanctions over the Ukraine conflict is
likely to be minimal. Russia accounted for more than 40 percent
of supply last year.
Palladium prices were on track to rise over 2 percent this
week, despite a 5 percent weekly drop in the holdings in
palladium exchange-traded funds.
“Investors have stepped in on declines to bring prices right
back up so far this year, and there is also a geopolitical
element to the palladium market as well,” said James Steel,
chief metals analyst at HSBC.
Spot palladium was up 1 percent at $901.50 an ounce
by 1:54 p.m. EDT (1754 GMT), while the NYMEX palladium contract
for December delivery settled up $11.45 at $909.55 an
ounce.
But big speculative long positions in U.S. palladium futures
and the sizable ETF outflow earlier this week suggested the
market could cut bullish bets, said Bart Melek, head of
commodity strategy at TD Securities.
Meanwhile, spot gold fell 0.3 percent to $1,286.26 an
ounce. U.S. COMEX gold futures for December delivery
settled down $3 an ounce at $1,287.40.
For the month, gold has posted a 0.3 percent gain on
lingering geopolitical tensions over Ukraine, Iraq and Gaza,
recovering after briefly falling to a two-month low at $1,273.06
last week.
On Friday, the S&P 500 equities index edged up as the
latest in a string of positive economic reports pushed investors
to extend a rally that was briefly threatened by overseas
concerns.
The gold market largely ignored a note of caution introduced
by Britain, which raised its international terrorism threat
level to the second highest, in response to possible attacks
being planned in Syria and Iraq.
Among other precious metals, silver was down 0.8
percent at $19.39 an ounce, while spot platinum edged off
0.1 percent to $1,418.99 an ounce.

1:54 PM EDT LAST/ NET PCT LOW HIGH CURRENT
SETTLE CHNG CHNG VOL
US Gold DEC 1287.40 -3.00 -0.2 1284.10 1292.50 67,224
US Silver DEC 19.492 -0.117 -0.6 19.475 19.675 28,151
US Plat OCT 1424.70 -0.50 0.0 1422.10 1428.60 6,429
US Pall DEC 909.55 11.45 1.3 895.70 910.50 5,301

Aug 28, 2014

Gold up for 3rd day on Ukraine tensions, equities drop

NEW YORK/LONDON, Aug 28 (Reuters) – Gold rose for a third
consecutive session on Thursday as tensions over Ukraine
increased and equity markets retreated, but analysts said the
rebound could be short-lived due to strong U.S. economic growth
and prospects of a U.S. interest rate hike.

NATO said on Thursday well over 1,000 Russian troops are
operating inside Ukraine, marking a significant escalation of
Moscow’s military involvement in the country.

Aug 27, 2014

Spot gold edges up on dollar drop, heightened tensions

NEW YORK/LONDON, Aug 27 (Reuters) – Spot gold edged up on
Wednesday as a lower dollar and lingering geopolitical tensions
helped offset selling pressure from a record rally in U.S.
equities.

The dollar softened as traders focused on riskier assets,
while speculation the European Central Bank will resort to
monetary stimulus also triggered some interest in bullion,
traders said.

Aug 22, 2014

Gold up slightly after Yellen comment, but outlook dim

NEW YORK/LONDON, Aug 22 (Reuters) – Gold prices edged up on
Friday as U.S. equities slipped, but gains were limited by fears
over deflation after Federal Reserve Chair Janet Yellen said
U.S. labor markets remain hampered by the effects of the Great
Recession.

In a speech at a central banking conference in Jackson Hole,
Wyoming, Yellen said the U.S. central bank should move
cautiously in determining when interest rates should rise, as
economic disruption of the last five years has left millions of
workers sidelined, discouraged, or stuck in part-time jobs.

Aug 21, 2014

Gold hits 2-month low on technical sales, Fed hike fears

NEW YORK/LONDON, Aug 21 (Reuters) – Gold slid 1.4 percent to
its lowest in two months on Thursday, extending losses to a
fifth session, as fears about an early interest rate hike by the
U.S. Federal Reserve sparked a technical sell-off after prices
broke below a key support level.

Bullion was hit hard by follow-through selling after minutes
from the Fed’s July meeting showed on Wednesday policymakers
debated whether interest rates should be raised earlier given a
surprisingly strong job market recovery, traders said.

Aug 20, 2014

Gold falls as dollar jumps after Fed minutes

NEW YORK/LONDON, Aug 20 (Reuters) – Gold prices fell on
Wednesday as the dollar rallied on economic optimism after the
minutes of the Federal Reserve’s latest meeting showed the U.S.
central bank has seen progress in the U.S. labor market.

The Federal Reserve has been surprised by how quickly the
U.S. labor market is healing but does not want to bring forward
a planned rate hike until the recovery looks more convincing,
according to minutes of its last policy meeting in late July.

Aug 18, 2014

Gold falls as Ukraine tensions ease, equities rally

NEW YORK/LONDON, Aug 18 (Reuters) – Gold fell on Monday as
the threat of an escalation of tensions in Ukraine appeared to
wane for now, and a rally in global equity markets and strength
in the dollar sent bullion prices below $1,300 an ounce.

Russia said all issues related to its humanitarian convoy to
Ukraine had been resolved but said no progress has been made
toward a ceasefire or political solution to the fighting in the
east of the country after talks between Russia, Germany, France
and Ukraine on Sunday.

Aug 15, 2014

Gold cuts losses on renewed Russian-Ukraine tensions

NEW YORK/LONDON (Reuters) – Gold prices were slightly lower on Friday, paring losses on safe-haven buying as equity markets slid after Ukraine said its forces had engaged a Russian armored column on Ukrainian soil in what appeared to be a major military escalation.

Palladium rose to a fresh 13-year high on supply concerns and some safe-haven demand due to renewed Russia-Ukraine tensions, analysts said.

Aug 15, 2014

Gold pares losses after Ukraine reports clash with Russians

NEW YORK/LONDON, Aug 15 (Reuters) – Gold prices were
slightly lower on Friday, paring losses on safe-haven buying as
equity markets slid after Ukraine said its forces had engaged a
Russian armored column on Ukrainian soil.

Investors bought bullion and U.S. Treasuries after Ukraine
said its forces had attacked and partly destroyed a Russian
armored column that crossed into Ukrainian territory. Moscow
said its forces had not crossed into Ukraine, and accused Kiev
of trying to sabotage deliveries of aid.

Aug 14, 2014

Paulson holds onto gold ETF, Soros adds gold miners in quarter

NEW YORK, Aug 14 (Reuters) – Hedge fund Paulson & Co
maintained its stake in the world’s biggest gold-backed
exchange-traded fund, SPDR Gold Trust, in the second
quarter, while Soros Fund Management LLC sharply boosted his
investment in gold mining stocks.

Legendary investor George Soros nearly doubled his ownership
in a U.S. gold mining companies ETF and initiated new stakes in
other gold producers, suggesting the big names in hedge funds
continued to have confidence in the yellow metal.