Editor’s Note
This article discusses recent movements in precious metals markets, highlighting how geopolitical developments and anticipation of U.S. economic data are influencing prices.
U.S. employment data due on Tuesday. Palladium climbs to 2-month peak, platinum at 14-year high.
Dec 15 (Reuters) – Spot gold pared earlier gains on Monday following progress in critical talks between U.S. officials and Ukrainian President Volodymyr Zelenskiy aimed at ending the war, while traders awaited key U.S. jobs data.
Spot gold was up 0.2% at $4,309.82 an ounce by 01:55 p.m. ET (18:55 GMT), after rising more than 1% earlier in the session. U.S. gold futures settled 0.2% higher at $4,335.2 an ounce.
He added that gold is also under pressure from profit-taking and week-long liquidation, as some traders who bought futures earlier are now selling.
U.S. special envoy Steve Witkoff said “a lot of progress was made in Ukraine talks,” while a U.S. official told Reuters that the two sides have moved closer to narrowing differences between Russia and Ukraine.
Traders now await the U.S. non-farm payrolls report and retail data, scheduled for release on Tuesday, for further cues on the Federal Reserve’s policy path. Markets are currently pricing in a 78% chance that the central bank will hold rates steady in January 2026, according to the CME FedWatch Tool.
Gold, traditionally viewed as a safe-haven asset, tends to perform well during periods of geopolitical and economic uncertainty.
Spot silver rose 2.6% to $63.61, after reaching a record-high of $64.65 on Friday, staying within striking distance of the unprecedented $65/oz milestone.
Meanwhile, spot platinum added 2.5% to $1,788.55, hitting its highest level since September 2011, while palladium rose to a two-month high, adding nearly 5% to $1,560.25 per ounce.
Russia’s Nornickel, the world’s largest palladium producer, said in a metals market review that including investment demand, the palladium market could see a deficit of 0.2 million ounces this year.
