Palladium near 16-year high, gold steadies ahead of Fed meeting

Strong speculative demand kept palladium near 16-year highs on Monday, though weak fundamentals are soon expected to take their toll on prices of the metal, which is used to make autocatalysts for gasoline-fuelled cars. Meanwhile, gold was little changed ahead of a U.S. Federal Reserve policy meeting on Tuesday and Wednesday, with analysts saying the U.S. central bank could take an aggressively hawkish posture of signalling a balance sheet reduction later this year and another interest rate increase in December. Spot gold was up 0.08 percent at $1,266.92 an ounce by 2:54 p.m. EDT (1854 GMT), having shed 1 percent on Friday in its biggest one-day percentage fall since May 18. U.S. gold futures settled down 0.2 percent at $1,268.90. For every updates related to the Share and Stock Market click here to subscribe us>>


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