(MENAFN- Khaleej Times)Gold rose on Tuesday as the dollar weakened after soft US economic data while platinum and palladium hit multi-year lows on oversupply and sluggish autocatalysts demand.
Platinum dipped to its lowest since January 2009 at $940.50 an ounce while palladium hit a near three-year low of $586.30 an ounce. "Miners continue to increase production in a market that is already oversupplied and only significant cuts would help platinum and palladium prices recover" Bank of America-Merrill Lynch analyst Michael Widmer said. Spot gold was up 0.7 percent at $1092.33 an ounce by 0937 GMT not far from $1077 - a trough hit on July 24 that was the weakest level since February 2010. US gold for December delivery was up 0.3 percent at $1092.10 an ounce. "Industrial metals were hit hard in the wake of yesterday's poor Chinese manufacturing data and headlines that the Chinese auto industry is facing significant headwinds" MKS PAMP said in a note. The metals have also suffered from a sharp drop in gold prices - which they tend to track - over the past month on the back of a rising dollar and expectations for an increase in US interest rates.
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