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W resources plc

Gold prices to follow palladium to record highs

The precious metals sector will continue to beat other commodities as gold prices follow palladium to record highs, according to Bloomberg’s October commodity update.

Gold is looking to accelerate its gains into year-end with the macro environment supporting higher prices, said Bloomberg Intelligence senior commodity strategist Mike McGlone.

“Gold will remain at the top of the precious metals leaderboard, and its performance [will] accelerate into year-end. A definitive reversal in weakening global economic conditions should be needed to reverse this trend, yet further woes in 4Q appear the greater risk,” McGlone wrote on Monday.

W Resources Plc (LON:WRES) engages in the exploration and development of tungsten, tin and gold properties.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.