Gold, Palladium Retreat From Highs

Ingots of 99.97 percent pure palladium are stored at a plant owned by Krastsvetmet, one of the world's biggest manufacturers of non-ferrous metals, in Krasnoyarsk, Russia, on April 9, 2019. Reuters

Gold and palladium on Wednesday hit the brakes on a blistering rally as riskier assets attempted a comeback, with analysts predicting another run higher for precious metals in case of a further escalation in the Ukraine crisis.

Spot gold fell 1.9 percent to $2,013.79 per ounce, as of 1047 GMT, snapping a four-session rally that took it to within reach of the August 2020 all-time high. U.S. gold futures fell 1.1 percent to $2,021.20.