Nornickel weighs projects in new top market China
Nornickel executives held talks with potential Chinese partners this month and signed about 10 memorandums of understanding, Bloomberg sources say.
Gold nudged lower, extending declines from last week’s peak, as the soon-to-be clinched US-China trade pact undermines the case for havens. Palladium hit a fresh record.
Gold has lost more than 1% this week and may decline further ahead of the signing on Wednesday, according to analysts from ABN Amro Bank NV to BMO Capital Markets. The shift has been reflected in an outflow of holdings from exchange-traded funds, which fell more than 20 tons over the four sessions to Monday.
“Investors who bought gold for the trade uncertainty will likely take profit,” said ABN Amro strategist Georgette Boele.
Spot gold, which briefly rose above $1,600 an ounce last week during the U.S.-Iranian standoff, fell as much as 0.8% to $1,536 Tuesday, losing ground for the fourth session in five. It pared some losses to trade at $1,543.89 by 11:55 a.m. in London.
Prices could decline toward $1,525 or even lower as risk-on sentiment returns to the market, said BMO analyst Colin Hamilton.
“This is still a good gold price,” he said.
The recent declines have helped gold move out of overbought territory after its 14-day relative-strength index level touched the highest in two decades last week.
In other precious metals, platinum and silver also declined, with the latter touching a three-week low.
Palladium gained for a ninth day and hit a fresh record of $2,152.02 an ounce.
(By Elena Mazneva and Ranjeetha Pakiam)
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