Palladium hits four-month high; platinum at six-week best By Claudia Assis, MarketWatch SAN FRANCISCO (MarketWatch) — Gold futures declined Wednesday as some investors hesitated in the wake of the previous session’s record closing high atop $1,270 an ounce. Most metals rebounded, however, with palladium, a top percentage gainer on Tuesday, hitting a four-month high. Platinum was trading at a six-week high. Silver kept forging ahead, posting a 30-month high on expectations of increased industrial demand. Gold for December delivery lost $4.90, or 0.4%, to $1,266.90 an ounce on the Comex division of the New York Mercantile Exchange. The contract on Tuesday finished at a record $1,271.70 an ounce. “The price rally has not only reduced the risk of profit-taking by speculative financial investors but also means that more investors could now jump on the bandwagon and keep the rally going,” analysts at Commerzbank said in a note to clients. SPDR Gold Trust (GLD 123.77, -0.25, -0.20%) , the largest exchange-traded fund backed by gold, on Tuesday reported inflows of 6 metric tons to a total of 1,298 metric tons, some 22 metric tons short of the fund’s record level at the end of June. Meanwhile, silver was trading at the highest level since March 14, 2008, building on earlier gains. December silver added 13 cents, or 0.6%, to $20.55 an ounce. “Besides greater investor interest, silver is also profiting from the expectation of higher industrial demand, which accounts for more than half of total demand for silver,” the Commerzbank analysts said. Metals were also under pressure from a stronger dollar. The dollar index (DXY 81.49, +0.41, +0.51%) , which compares the greenback with a basket of six other currencies, was up 0.5% at 81.47. A stronger U.S. unit is generally negative for gold and other commodities, as it makes them more expensive for holders of other currencies and reduces their investment appeal. The dollar gained on the yen following foreign-exchange intervention by Japanese authorities overnight. See more on movements in the dollar against the yen and other major global currencies. December palladium staged a comeback to add $6.85, or 1.2%, to $560.65 an ounce. October platinum also rebounded, rising $6.40, or 0.4%, to $1,600.80 an ounce. That’s the first time platinum traded above $1,600 an ounce since early August. Copper was the outlier, as the December contract lost less than a penny to $3.46 a pound.

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