Palladium Futures

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Global Gold Prices Surge 2.4% to $4,175, Hitting a One-Month High

Global gold prices surged 2.4% to $4,175.53 per ounce, the highest level in one month, during Wednesday trading, supported by a weaker US dollar and falling oil prices. Spot gold rose for a third consecutive day, while US gold futures gained 2% to $4,235.30 per ounce. Investors are watching US employment data to assess the Federal Reserve's interest rate direction. Meanwhile, softer oil prices helped ease inflation concerns, leading the market to scale back expectations of a Fed rate hike at the September meeting. Other precious metals also advanced, with silver up 3.8% to $61.76 per ounce, platinum up 2.6% to $1,779.25 per ounce, and palladium up 2.6% to $1,389.15 per ounce.

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Sibanye Stillwater appeals US trade ruling on Russian palladium imports

Sibanye Stillwater is appealing a US International Trade Commission ruling that Russian palladium imports do not threaten domestic production. The company, the sole primary US palladium producer, argues the ITC failed to properly consider evidence that Russian shipments constitute illegal dumping and subsidies, depressing prices. Sibanye filed a summons with the US Court of International Trade on July 16, after the ITC determined in May that the US industry was not materially injured or threatened. The miner has already restructured its US operations, suspending some Montana production and focusing on higher-grade ore, as palladium prices have fallen 22% year-to-date to about $1,285 per ounce.

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Precious metals slump tempers South African Rand carry outlook, says BNY

Weaker precious metals are undermining the terms of trade for South Africa and Peru, limiting upside for the South African Rand and Peruvian Sol even in a supportive carry backdrop, according to BNY's Geoff Yu.

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