- European car registrations surge 14 percent in November
- Car sales suggest `robust demand' for the metals: Commerzbank
Palladium had the biggest rally in more than a week and platinum climbed for a second day amid signs of increasing demand for the metals used in vehicle pollution-control devices.
Data Tuesday from the European Automobile Manufacturers’ Association showed new-car registrations in the region increased 14 percent in November from a year earlier. In China, total vehicle sales surged 20 percent, a report showed Dec. 10. Gold futures fell as traders awaited the Federal Reserve’s decision on U.S. interest rates on Wednesday.
The European auto data “suggests robust demand for platinum and palladium, especially since more new cars should be registered in the EU next year, too,” Commerzbank AG analysts including Daniel Briesemann wrote in a note Tuesday. “This should lend support to both prices.”
Palladium futures for March delivery advanced 3.3 percent to settle at $566.95 an ounce at 1:09 p.m. on the New York Mercantile Exchange. That’s the biggest gain since Dec. 4. Platinum for January delivery rose 0.7 percent to $855.80 an ounce.
Palladium and platinum are used in catalytic converters that curb car and truck emissions.
Gold futures for February delivery slipped 0.2 percent to $1,061.60 an ounce on the Comex in New York, erasing earlier gains. Trading was 25 percent below the 100-day average for this time, according to data compiled by Bloomberg.
Silver futures advanced on the Comex.