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3/21, 9:23 AM (Source: TeleTrader)
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Precious metals jump on Brexit risk, Fed's rate shift

Traders took spot gold to a month-to-date high on Thursday and palladium set an all-time record, at $1,614.63 per ounce, peaking every day so far this week. Markets turned to precious metals together with sovereign bonds issued by the United States, Germany and the United Kingdom, in search for relative safety amid a surge in geopolitical risks currently led by Brexit. The Federal Reserve in Washington scaled back its trajectory for interest rate increases and economic expansion. Policymakers led by Chair Jerome Powell showed little concern about potential runaway inflation, opting to be tolerant if it temporarily tops the target 2%.

On the brighter side, China attempted to ease friction by saying it would send its Vice Premier Liu He next month to the United States for bilateral talks on trade and the protection of intellectual property.

The yellow metal climbed 0.5% to $1,318.98 for one troy ounce at 9:21 am CET after hitting $1,320.42. Silver was up 0.9% at $15.62. The session high, two cents above that, was last seen on March 1. Platinum rose 0.99% to $810.76 per ounce and neared a four-and-a-half-month record. Palladium advanced 0.63% to $1.609.1 per fine ounce.

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