Gold edges lower as precious metals rally, led by palladium
Gold prices dipped slightly after hitting a three-month high, while other precious metals, especially palladium, posted strong gains on Wednesday.
Key Takeaways
AIGold prices slipped slightly in spot trading on Wednesday, after reaching their highest level in more than three months during Tuesday’s session. Meanwhile, other precious metals saw gains, with palladium leading the way, rising by more than 4%.
Spot gold fell 0.1% to $4,594.61 per ounce, after hitting $4,696.18 on Tuesday—its highest since more than three months—following an announcement by the US Treasury Department of measures to support long-term bonds.
US gold futures also declined, dropping 0.4% to $4,647.20 per ounce.
In contrast, spot silver rose 1.5% to $70.32 per ounce, while platinum gained about 2.6% to $1,894.85. Palladium recorded the largest increase among precious metals, surging 4.4% to $1,409.74.