• MTS Gold Morning News 20170324

    24 Mar 2017 | Gold News

• Gold prices slip as the US dollar firms slightly, while palladium extends gains to hit a two-year high on economic data and demand from the automobile sector.

• Spot gold was down 0.3 per cent at $US1,245.26 an ounce by 2:21 pm Thursday EDT (0521 Friday AEDT), retreating from an intraday peak of $US1,253.12, its highest since Feb. 28.

• The most active gold contract for April delivery fell 2.5 U.S. dollars, or 0.20 percent, to settle at 1,247.20 dollars per ounce.

• In addition to strength in U.S. equities and the U.S. dollar, a report released on Thursday by the U.S. Census Department showed new home sales increasing to a 592,000 level, a figure which was slightly higher than consensus but still within the expectations range. Analysts note that this figure was better-than-expected and likely put pressure on the precious metal.

• Palladium, meanwhile, climbed to a peak of $806.80 -- its highest since March 11, 2015 -- before paring gains to $801.50 for a rise of 1.9 percent.

• Silver for May delivery added 1.5 cents, or 0.09 percent, to close at 17.593 dollars per ounce.

• OCBC analyst Barnabas Gan pointed to the impact of sustained political stresses in Europe and the United States. "This kind of uncertainty does lift gold prices," he said.

• "A sustained break and close above $1,250 will be the key for a test of the 200-day moving average at $1,259.50, while support initially sits at $1,244-$1,245," said MKS PAMP Group trader Sam Laughlin.

Reference: Xinhua, Business News, Reuters

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