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Copper Rises, Gold & Silver Falls with Shift of Market Sentiment

June 17, 2016 at 1:06 by Vladimir Vyun

The theme of Britain’s referendum about leaving the European Union was driving markets for some time. Just recently, it was having a negative impact on the traders’ mood, driving safer assets (including gold) higher and risky assets lower. But things have changed by now.

The attack on the pro-EU lawmaker in Britain led to a shock and a change of the market sentiment. Now, market participants think that “Bremain” votes may gain a lead. There are even rumors that the referendum will be suspended.

The news hurt gold and silver, helping copper at the same time. Futures for delivery of gold in August dropped 1.02% to $1,285.1 per troy ounce as of 00:58 GMT on COMEX today. July contract for silver declined as much as 1.83% to $17.29 per ounce. Meanwhile, copper gained 0.37% to $2.0555 per pound.

If you have any questions and comments on the commodities today, use the form below to reply.

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