Shrugging off firmness in USD and mild increase in bond yields, gold staged the strongest rally in 2 months as investors again found its safe-haven status appealing. The benchmark contract for the yellow metal jumped to as high as 1218.5 before closing at 1216.7, up +1.46%. Others in the precious metal complex also surged with silver gaining +0.91%. Platinum and palladium also halted their 7-day decline and rose +0.72% and +1.37% respectively. While demand for silver and PGMs can be threatened by slowdown in industrial production, the strength was induced by gold while underlying fundamentals for PGMs remain robust.
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Gold Jumped Most in 2-Month as Other Safe-Haven Assets Overbought
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