Palladium Set for Biggest Rally Since 2013

(Bloomberg) – Gold futures headed for the first decline in three days as a rally in the dollar cut the metal’s appeal as an alternative investment. On the New York Mercantile Exchange, palladium futures for December delivery added 1 percent to $795.10 an ounce, headed for the biggest three-day advance in over a year.

Palladium fundamentals remain attractive amid a structural deficit, Morgan Stanley analyst Joel Crane wrote in a report today. The bank raised its 2014 price estimate 3 percent to $825, and its 2015 target by 10 percent to $952.

Platinum futures for January delivery rose 0.6 percent to $1,270 an ounce on the Nymex.