27th December 2017

 We will be returning to our usual commentary in tomorrow’s note when a host of other markets reopen, but during the limited trading we had during the Monday and Tuesday sessions of this week, gold prices moved up by about $8.00/ounce in relatively quiet conditions and mainly on account of currency factors. On the latter point, the dollar lost modest ground on both days so far this week and provided gold with limited support, as did the fact that bitcoin also buckled over the weekend after rallying sharply on Friday. Palladium was the stand-out in the metals group, hitting its highest level since February 2001 as investors perceive the market to be very tight.

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