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2/25, 3:30 PM (Source: TeleTrader)
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Precious metals trade higher on inflation bets

Gold reached a session high on Monday before the start of trading on stock exchanges in New York, following a brief dip, together with other commodities from its asset class. Palladium, which is used in the automotive industry and its production growth lags demand, set another all-time high at $1,530.15 per ounce. Last week it hit records in a total of three days. Platinum, its sister precious metal, climbed to as much as $855.28 for one troy ounce, a level unseen since November 20.

Investors were encouraged by United States President Donald Trump, who said bilateral negotiations with China are on a right track. Nevertheless, he postponed the deadline for a massive rise in import tariffs on goods worth $200 billion per year. Markets showed concern about a possible jump in inflation in case the trade war ends, as the US Federal Reserve indicated it would slow or halt policy tightening.

The yellow metal advanced 0.26% at 9:29 am ET, selling for $1,331.65 after touching $1,332 per ounce. Silver added 0.22% to trade at $15.96. Platinum was 1.31% higher at $854.68 and palladium climbed 1.86% to $1,528.28 for one ounce.

Breaking the News / IT