(Adds comments, updates prices)
* Palladium hits record high of $2,261.45/oz
* Platinum surpasses $1,000 for first time in nearly 2 years
By Harshith Aranya
Jan 15 (Reuters) - Gold rose on Wednesday as details of the
U.S.-China Phase 1 trade deal failed to soothe investors'
concerns about trade differences, as Washington retained tariffs
on some Chinese goods.
In other precious metals, palladium climbed to a record high
and platinum surged to its highest in nearly two years.
The United States and China signed the interim trade deal
that will roll back some tariffs and boost Chinese purchases of
U.S. goods and services. The deal will, however, leave in place 25% tariffs on a $250
billion array of Chinese industrial goods and components used by
U.S. manufacturers.
Spot gold XAU= rose 0.7% to $1,557.02 per ounce at 2:36
p.m. EST (1936 GMT). U.S. gold futures GCv1 settled up 0.6% at
$1,554.
"There are expectations that trade concerns are going to
continue to linger as we are not going to see a complete
rollback on tariffs," said Edward Moya, a senior market analyst
at OANDA.
"The risks will keep gold prices supported here in the short
term and we might see prices target $1,580 in the next few
weeks, but right now $1,540 should hold."
Focus will now shift to the Phase 2 deal. This is likely to
focus on technology and cybersecurity issues, U.S. Treasury
Secretary Steven Mnuchin said, which has long been a sore point
between the two giant economies. Key world stock market indexes climbed to new records, while
the U.S. dollar .DXY weakened against a basket of key rivals.
MKTS/GLOB USD/
Platinum XPT= climbed 3.7% to $1,019.20, having risen to
its highest since January 2018 at $1,024.80 an ounce.
"Platinum is being largely driven by technical moves as we
broke through the highs established in September 2019, forcing
some shorts to cover," said Daniel Ghali, commodity strategist
at TD Securities.
The market may be driven into a deficit this year after a
long time; and power outages in South Africa might translate
into a lower supply growth, which could help platinum prices to
rally, Ghali added. The auto-catalyst palladium XPD= notched a record high of
$2,261.45 an ounce earlier in the session, and was last up 2.8%
at $2,256.13, bolstered by a prolonged supply deficit.
Silver XAG= rose 1.3% to $18.02 per ounce.
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Platinum surpasses $1,000/oz https://tmsnrt.rs/36RqDyp
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