Precious Metals Market: Gold Retreats, Palladium Hits 5-Year Low

Gold prices retreated to a two-week low as the safe-haven rally driven by Middle East tensions lost momentum, with investors shifting focus to interest rate cues from Federal Reserve officials. Palladium also hit a five-year low, dropping 4.5%, due to concerns of a structural surplus next year and substitution from palladium to platinum. The decline in gold prices suggests reduced investor concerns about geopolitics. Traders also analyzed mixed economic data from China.