Gold futures climbed on Tuesday to their highest settlement in over a week, buoyed by weakness in the dollar following U.S. data showing inflation rising in August at the slowest pace in seven months. “Every U.S. economic data release is important as traders will use it to judge the strength for next quarter,” said Chintan Karnani, director of research at Insignia Consultants, adding that Thursday’s U.S. August retail sale numbers will impact gold’s price, as well as the U.S. dollar index. December gold GCZ21, -0.08% rose $12.70, or 0.7%, to settle at $1,807.10 an ounce, the highest most-active contract finish since Sept. 3, according to FactSet data. Palladium prices, meanwhile, finished below $2,000 an ounce for the first time since July 2020. A global chip shortage has led to a slowdown in automobile manufacturing, hurting demand for palladium, which is mainly used in automobile catalytic converters to control emissions, analysts say. December palladium PAZ21, -0.59% fell $104.20, or 5%, to $1,975.60 an ounce.
View Article Origin Here
