Daily Gold Update

Source: Marketwatch

New York— Platinum and palladium rose to their highest levels in about two years on Wednesday as corporate earnings pointed to higher demand for raw materials. "Upbeat earnings results have reinforced economic recovery hopes and boosted the outlook for commodities generally," said analysts at Action Economics. Gold gave up earlier gains after rising from a two-week low struck earlier in the week. Palladium for June delivery climbed $16.85, or 3%, to $568.25 an ounce, the most since March 2008.

Palladium is benefiting from investment demand and as imports to China remain robust, said strategists at Barclays Capital. Palladium is used in manufactured goods including electronics, catalytic converters and fuel cells. Platinum for July delivery added $18.50, or 1%, to $1,740.30 an ounce, the highest level since July 2008. Platinum is used in jewelry as well as industrial goods. See full story.