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Gold pulls back from five-week high; palladium marches higher

Reuters  |  BENGALURU 

By Swati VermaBENGALURU (Reuters) - Gold prices edged lower on Wednesday, a day after hitting their highest level in more than five weeks, as comments from a Federal Reserve official kept alive the prospect of gradually rising U.S. interest rates.Meanwhile, palladium hit a new record high of $1,263.44 an ounce, widening its premium over gold to around $25, helped by a sustained supply deficit and increased speculative interest. It was 2.1 percent higher at $1,259.05 per ounce by 1435 GMT. Spot gold was down 0.1 percent at $1,237.31 per ounce, after hitting its highest since Oct. 26 at ...

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First Published: Wed, December 05 2018. 20:33 IST