© Reuters.  © Reuters.

Investing.com – Gold ended off its lows on Monday as risk-averse investors sought a hedge after the U.S. reissued its tariffs ultimatum to China. Palladium, meanwhile, surged to record highs above $1,860 on more concerns of supply risk in the auto-catalyst metal.

Both bullion and gold futures pulled away from the day’s bottom after U.S. President Donald Trump acknowledge reports that the U.S.-China deal may have been “stalled” by his signing of legislation last week supporting Hong Kong pro-democracy activists against Beijing.

Gold futures for February delivery on New York’s COMEX settled down $3.50, or 0.2%, at $1,469.20 per ounce. The session bottom was $1,459.85.

Spot gold, which tracks live trades in bullion, was down $1.05, or 0.01%, at $1,462.85, versus an earlier low at $1,454.

Trump, commenting on his signing of the U.S. legislation on Hong Kong, admitted the action did not help trade negotiations with China. But he insisted he had no second thoughts over what was done and that the Chinese still “want to make a deal”.

U.S. Commerce Secretary Wilbur Ross also reiterated the administration’s stance that without a trade deal, there would be no change to the Dec. 15 schedule for additional tariffs on China.

Aside from the ultimatum to China, Trump also announced plans Monday to resurrect tariffs on all steel and aluminum imports from Brazil and Argentina, stunning political and industry leaders in those countries and extending the White House’s adversarial trade tactics to new fronts.

The spot price of palladium was up $13.98, or 0.8%, at $1,855.18 after a record high at $1,863.

Palladium futures for March delivery on COMEX settled up $14.60, or 0.8%, at 1,824.70 after peaking at an all-time high of $1,835.20.

The metal has been breaking records daily since last Monday.

“Palladium positioning is slightly counterintuitive to the price action, implicitly confirming heavy OTC interest from the long side,” INTL FCStone analyst Rhona O’Connell said in a note, Reuters reported. “After weak longs were shaken out in early November another push to the upside is now approaching resistance from the uptrend.”

Other relevant articles 
[2019-12-02 21:20:25] Gold Ends off Lows as U.S. Renews China Tariff Threat; Palladium...
[2019-12-02 17:45:26] Gold Prices Recover Losses as Trump, Ross Talk up Tariff Threat
[2019-12-02 16:05:24] Commodities Week Ahead: Will Oil Align With Saudi Wishes? Time To...
[2019-12-02 14:30:26] Italy PM Conte defends ESM reform but calls for additional...
[2019-12-02 12:45:24] China suspends U.S. military visits to Hong Kong, sanctions U.S.-based NGOs
[2019-12-02 10:15:24] China suspends review of request for U.S. military ships,...
[2019-12-02 04:25:23] Stronger dollar and positive Chinese data weigh on gold prices
[2019-12-01 21:15:22] Hamilton ends the F1 season in style in Abu Dhabi
[2019-12-01 18:50:23] As Christmas season starts, Pope defends nativity scenes in public places
[2019-11-30 16:50:17] Search ends for survivors of Albanian quake as death toll reaches 51
[2019-11-29 21:45:15] Dollar Ends November Strong, Busy Week Ahead
[2019-11-29 19:30:14] Gold up as Trump’s Hong Kong Gambit Seen Hurting Trade Deal
[2019-11-29 15:25:13] Palladium Closing In On Gold’s Record; What About Platinum?
[2019-11-29 15:20:13] Gold Edges Lower in Quiet Trade as Buyers Step Back
[2019-11-29 10:25:14] Gold Is New Obsession for East Europe’s Nationalist Leaders
[2019-11-29 07:10:32] Gold Prices Gain Amid Weakening Asian Equity Markets
[2019-11-28 19:20:09] Permira, North Face owner among bidders for sneaker brand Golden...
[2019-11-28 07:55:08] Gold Prices Recover Amid Concerns Over Hong Kong, Sino-U.S....
[2019-11-27 20:10:30] Huge Bets That Gold Could Triple to $4,000 Trade in New York
[2019-11-27 17:20:15] Gold Drifts Lower Again as U.S. Data Support Risk Assets
[2019-11-27 16:50:09] Cryptocurrency crime surges, losses hit $4.4 billion by...
[2019-11-27 13:20:09] Deutsche Bank sells $50 billion in assets to Goldman Sachs amid...
[2019-11-27 12:10:08] Goldman Says Germany Needs Large Fiscal Stimulus, China Bit More
[2019-11-27 07:30:11] Gold Prices Slip Amid Upbeat Trade News
[2019-11-27 05:30:09] Shares of MTR May Soon Turn the Corner After Months of Protests, Goldman Says
[2019-11-26 21:45:23] Gold Rises as Trade War Headline Swings Continue
[2019-11-26 21:10:06] Gold Rises as Trade War Headline Swings Continue
[2019-11-26 17:45:18] U.S. derivatives regulator fines Goldman Sachs $1 million for...
[2019-11-26 15:55:04] Gold Drifts Lower as Trade Truce Talk Rumbles On
[2019-11-26 07:35:09] Gold Prices Slip; Trade Talks Shows Signs of Progress
[2019-11-26 06:20:05] China’s Frugal Consumers Pile Pressure on Gold as Economy Slows
[2019-11-26 00:50:28] U.S. Supreme court extends block on Trump financial records...
[2019-11-25 22:15:24] Stocks - Trade Optimism Sends Wall Street to New Highs
[2019-11-25 21:25:23] Gold Hits 2-Week Low; Silence on Trade Deal Becomes Risk Positive
[2019-11-25 14:30:28] Canada’s Kirkland to Buy Gold Rival Detour for $3.7 Billion
[2019-11-25 14:00:27] Commodities Week Ahead: The Gift Of Thanksgiving May Be Choppy Oil,...
[2019-11-25 07:30:24] Gold Prices Slip as U.S.-China Trade Talks Continues to Send...
[2019-11-25 07:15:23] BHP Plans to Increase Its Stake in Ecuador-Focused SolGold
[2019-11-25 06:25:22] Westpac shuts down payments service, suspends bonuses amid...
[2019-11-23 00:05:17] Goldman Sachs unveils internal campaign on use of gender identity...
[2019-11-22 21:15:13] Gold Steady as Trump, Xi Telegraph More Trade Uncertainty
[2019-11-22 17:10:11] Gold Drifts as Upbeat PMI, Consumer Sentiment Data Support Mood
[2019-11-22 13:50:20] Goldman Sachs Says British Pound Is Among Favorite 2020 Picks
[2019-11-22 07:45:11] Gold Prices Steady as Traders Await More Trade News
[2019-11-22 05:50:14] China’s Economy to Stabilize in 2020, Goldman Sachs Says
[2019-11-21 23:30:10] Gold Dips as U.S.-China Trade Yo-Yo Hits Market Again
[2019-11-21 22:55:08] Gold Dips as U.S.-China Trade Yo-Yo Hits Market Again
[2019-11-21 19:15:09] French telco watchdog recommends 1.5 billion euros as floor price...
[2019-11-21 07:40:07] Safe-Haven Gold Fall Despite Doubts Over Partial Trade Deal 
[2019-11-20 22:35:31] Morrison Defends Australia Surplus Goal Amid Long-Term Headwinds
[2019-11-20 21:55:27] Gold Steady Second Day Amid Trump Ambiguity on Trade Deal
[2019-11-20 17:30:09] Democratic presidential candidate Messam suspends campaign
[2019-11-20 17:15:08] Gold Edges Lower as U.S. Oil Data Takes Edge off Slowdown Fears
[2019-11-20 14:00:12] Zalando defends system of ranking staff like online products
[2019-11-20 06:55:21] Gold Prices Inch Up; Trade Talks Remain in Focus
[2019-11-20 01:35:07] Vodafone extends tech partnership with Ryanair
[2019-11-19 21:25:04] Gold Holds Steady As Trump Warns China on Trade Deal
[2019-11-19 14:45:05] Gold Prices Drift as Hong Kong Worries Cap Risk Rally
[2019-11-19 14:20:03] Opening Bell: Huawei Trade Extension Sends U.S. Futures Yet Higher;...
[2019-11-19 11:25:03] Emirates says size of Boeing 777x order depends on delivery schedule
[2019-11-19 07:05:03] Gold Prices Near Flat Despite Uncertainties Revolving Around...
[2019-11-18 23:10:25] Wall Street inches higher after mixed U.S.-China trade reports
[2019-11-18 21:20:23] Gold Edges up on Chinese Worry Over Trump Impeachment
[2019-11-18 16:50:23] Jumia Technologies suspends e-commerce business in Cameroon
[2019-11-18 16:05:22] Gold Prices Rebound on Report of Chinese Pessimism Over Trade...
[2019-11-18 13:35:28] Commodities Week Ahead: Algos To Keep Oil Up; Gold To Provide Hedge To...
[2019-11-18 06:40:22] Gold Prices Slip Amid Trade Deal Hopes
[2019-11-17 05:55:25] Dollar Ends Bruising Week: More Losses Ahead?
[2019-11-15 21:35:13] Gold Dips as Trade-Deal Hype Returns Again
[2019-11-15 21:30:17] Oil Ends up, Hitting 7-Week Highs on Elusive Trade Deal
[2019-11-15 21:20:15] Gold Dips as Trade Deal Hype Returns Again
[2019-11-15 16:10:22] Gold Prices Drift Lower After U.S. Data Fail to Inspire
[2019-11-15 06:45:11] Gold Prices Fall as Risk Appetite Improve on Sino-U.S. Trade News
[2019-11-14 21:00:14] Gold up Again as Missing-in-Action Trade Deal Helps
[2019-11-14 16:50:08] Gold Prices Inch Higher as Weak Data Keeps Trend Intact
[2019-11-14 07:45:07] Gold Prices Up Amid Weak Economic Data, Trade Uncertainties
[2019-11-14 05:15:14] Warren lashes out at Goldman over Apple Card bias claims: Bloomberg
[2019-11-13 22:05:41] Gold Continues Upward in Mid-$1400s on New Trade-War Uncertainty
[2019-11-13 21:55:10] Gold Continues Upward in Mid-$1400s on New Trade War Uncertainty
[2019-11-13 17:00:16] Oil is our gold and we aim to use all of it, ADNOC official says
[2019-11-13 15:55:08] Gold Prices Rebound as Havens Sought Ahead of Powell Testimony
[2019-11-13 14:30:09] Opening Bell: Global Shares, Futures Dive On Trade, Hong Kong Fears;...
[2019-11-13 07:10:08] Gold Prices Gain; Trade Progress, Hong Kong Unrest in Focus
[2019-11-12 22:05:36] Oil Ends a Little Lower as Trump Offers Little On China
[2019-11-12 21:55:06] Gold Perks up After Hours as Trump Signals Nothing New on China
[2019-11-12 21:45:05] Gold Perks up After Hours as Trump Signals Nothing New on China
[2019-11-12 17:00:08] Gold Prices Test Lows Again as Market Awaits Trump Speech
[2019-11-12 13:45:04] Will Silver Get Washed Out With Gold?
[2019-11-12 10:05:04] Gold’s Just Not That Appealing to Young Chinese Luxury Shoppers
[2019-11-12 07:25:03] Gold Prices Fall, Near 3-Month Low
[2019-11-11 22:05:24] Oil Ends Down as Trade War Continues to Hang Over Market
[2019-11-11 21:45:24] Gold at 3-Month Low for Third Day as Near-Term Bull Case Erodes
[2019-11-11 17:20:23] Gold Prices Fall Briefly Below $1,450 Despite Risk-Off Move
[2019-11-11 17:10:36] Commodities Week Ahead: Oil, Gold Await Trump Take On Trade War,...
[2019-11-11 14:40:31] Stocks - Boeing, Goldman Sachs, Alibaba Fall Premarket
[2019-11-11 12:15:23] Exclusive: Goldman Sachs plans shift from revenue goal at first...
[2019-11-11 11:20:23] U.K. Avoids Recession But Ends Third Quarter on Weak Footing
[2019-11-11 07:30:23] Gold Prices Near Flat as Markets Shrug Off HK Unrest, U.S.-China Trade...
[2019-11-10 11:25:18] OAS recommends fresh election in Bolivia: preliminary report
[2019-11-10 10:40:19] Top 25 basketball roundup: Texas upends No. 23 Purdue