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Dollar Drives Precious Metals Down, Industrial Metals Fare Better

April 14, 2016 at 0:13 by Vladimir Vyun

Gold, silver and other precious metals fell on Wednesday due to the strength of the US currency. Signs of improving global growth led to speculations that the Federal Reserve is going to proceed with monetary tightening. Nevertheless, many market analysts remain bearish on the US currency and bullish on precious metals. Gold for delivery in June declined 0.39% to $1,243.4 per troy ounce on COMEX. Contract for delivery of silver in May fell 0.58% to $16.23 per ounce.

Industrial metals performed far better thanks to economic data from China. The Chinese trade balance demonstrated a surplus of $29.86 billion in March which was far above $3.08 billion registered the same month a year ago. While imports shrank, the decline was not as big as economists had feared. May contract for copper ticked up 0.12% to $2.1705 per pound on COMEX. Zinc for delivery in three months settled 2.95% higher at $1,887 per metric ton on LME.

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