7 March 2014 - Precious metals rise on Comex |
| 7 March 2014 - Precious metals rise on Comex Posted: 07 Mar 2014 01:58 AM PST AAP March 07, 2014 GOLD prices have risen while palladium has set a fresh 11-month high after tensions between Russia and the West escalate. Gold for April delivery, the most active contract, on Thursday rose $US11.50, or 0.9 per cent, to settle at $US1,351.80 a troy ounce on the Comex division of the New York Mercantile Exchange. Gold prices have been steadily climbing in recent weeks, as a series of geopolitical flare-ups stoke investor demand for wealth-preserving assets. Some traders view gold as a haven because it is a widely accepted reserve asset without links to a particular government or country. US President Barrack Obama said that Crimea's referendum on seceding from Ukraine to join Russia is illegal, adding that the US and European union are united against Russia's "intervention" in Ukraine. Russian troops entered Ukraine's Crimea region late last week, escalating the conflict between the former Soviet state and the West. "Gold's catching a bid any time there's instability," said Adam Klopfenstein, a senior market strategist with Archer Financial Services Inc. "People are going to want to gravitate toward safe havens like gold anytime questions about the Ukrainian situation re-emerge," he said. Palladium futures rocketed to their highest level since April 1, touching an intraday high of $US785 an ounce, after the US paved the way for sanctions against Russia. Russia is the world's largest palladium producer, accounting for roughly 42 per cent of global supply. Palladium for June delivery rose $US8.30, or 1.1 per cent, to settle at $US781.15 a troy ounce on the Nymex on trade worries. Palladium and platinum prices also got a boost after Eskom Holdings Ltd, South Africa's state electricity provider, announced rolling blackouts for the first time since January 2008. Eskom supplies roughly 95 per cent of the country's electricity needs and said the power shortage is a result of heavy rains, which reduced the amount of dry coal available to its plants. South Africa is the world's top platinum producer and second largest palladium producer after Russia. The two metals are often found and mined together. While industrial users like mining companies won't be hit by a blackout, they will need to reduce their power use by 10 per cent, an Eskom official said. Platinum for April delivery rose $US10.20, or 0.7 per cent, to close at $US1,486.80 an ounce. Settlements (ranges include open-outcry and electronic trading): London PM Gold Fix: $US1,345.25; previous PM $US1,337.00 Apr gold $US1,351.80, up $US11.50; Range $US1,331.30-$US1,352.50 May silver $US21.574, up 30.3 cents; Range $US21.105-$US21.650 Apr platinum $US1,486.80, up $US10.20; Range $US1,474.10-$US1,488.50 Jun palladium $US781.15, up $US8.30; Range $US771.00-$US785.00 |
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