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PRECIOUS-Palladium extends winning streak to 4th session on supply fears
September 1, 2014 / 1:11 AM / 3 years ago

PRECIOUS-Palladium extends winning streak to 4th session on supply fears

SINGAPORE, Sept 1 (Reuters) - Palladium rose for a fourth
straight session on Monday to trade near a 13-1/2 year high on
fears that supply from top producer Russia could be hit due to
the Ukraine crisis, while gold dipped slightly on a stronger
dollar.
    
    FUNDAMENTALS
    * Palladium had climbed 0.6 percent to $904.75 an
ounce by 0051 GMT, near a 13-1/2 year peak of $907 hit on
Friday. 
    * Investors fear possible Western sanctions on Russia over
the Ukraine crisis could hit supply of the metal used in auto
catalysts.
    * Spot gold fell about $1 to $1,285.76 an ounce,
after posting a small weekly gain on Friday.    
    * Russian President Vladimir Putin called on Sunday for
immediate talks on the "statehood" of southern and eastern
Ukraine, although his spokesman said this did not mean Moscow
now endorsed rebel calls for independence for territory they
have seized. 
    * The Kremlin leader's remarks, two days after a public
appearance in which he compared the Kiev government with Nazis
and warned the West not to "mess with us", came as Europe and
the United States prepared possible further sanctions to halt
what they say is direct Russian military involvement in the war
in Ukraine.
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.08 percent to
795.00 tonnes on Friday. 
    * The U.S. Mint sold 25,000 ounces of American Eagle gold
coins in August, down 17 percent from the previous month,
according to the latest data. 
    * Hedge funds and money managers decreased their bullish
futures and option bets in gold for a second consecutive week as
a record rally in U.S. equities sapped demand for the safe-haven
metal, data from the Commodity Futures Trading Commission showed
on Friday.    
    * For the top stories on metals and other news, click
 or 
    
    MARKET NEWS
    * Asian shares were skittish on Monday in the face of a
deepening Ukraine crisis, while the euro touched a fresh
one-year low ahead of this week's European Central Bank meeting.
 
    * The dollar index was trading near a 13-month high as the
euro slipped to a fresh one-year low. 
    
    DATA/EVENTS (GMT)
    0100 China NBS Manufacturing PMI Aug    
    0145 China HSBC Services PMI Aug        
    0600 Germany GDP Detailed QQ  Q2        
    0800 Eurozone Markit Mfg Final PMI Aug  
    
    PRICES AT 0051 GMT    
 Metal           Last      Change    Pct chg
                                             
 Spot gold        1285.76     -1.31      -0.1
 Spot silver         19.4     -0.03     -0.15
 Spot platinum    1418.75     -0.75     -0.05
 Spot palladium    904.75      5.55      0.62
 Comex gold        1286.9      -0.5     -0.04
 Comex silver      19.475    -0.017     -0.09
 Euro              1.3125                    
 DXY               82.776                    
                                             
 COMEX gold and silver contracts show the
 most active months
 
    

 (Reporting by A. Ananthalakshmi; Editing by Joseph Radford)

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