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Dollar Hurts Gold, Copper Escapes Losses

September 9, 2015 at 18:20 by Vladimir Vyun

Prospects for economic stimulus from China’s government supported prices for copper during the Wednesday’s trading session. The nation’s economy is struggling and Chinese authorities showed readiness to revive growth. The finance ministry stated:

We will accelerate the implementation and improvement of proactive fiscal policy and related measures, do timely fine tuning, and speed up reform measures to support stable growth and promote continued healthy economic development

The metal’s rally was limited as the stronger dollar affected prices negatively. December contract for delivery of copper edged up 0.14 percent to $2.4375 per pound as of 18:14 GMT on COMEX today.

Gold was not as lucky, driven down by the strength of the US currency. The greenback was firm even amid speculations that the Federal Reserve is not going to boost interest rates next week. The CME FedWatch shows just 26 percent probability of a rate hike in September. Still, gold dipped 1.61 percent to trade at $1,103 per troy ounce today.

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