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Dollar Weakness Gives Respite for Metals

October 6, 2014 at 12:49 by Vladimir Vyun

The dollar was weak today, benefiting the metal market. Both precious and industrial metals profited from the weakness of the US currency. The greenback was very strong at the close of the previous trading week as very good US employment data bolstered the currency. Yet it looks like dollar bulls decided to take profit at the start of the current trading week, giving metals some respite.

In general, industrial metals demonstrated bigger gains than precious ones and are in a better position to maintain the rally. US economic indicators continue to be positive for the most part, and this is very detrimental to precious metals, but not as bad for industrial materials that often profit from signs of growth.

December futures for delivery of gold advanced 0.38 percent to $1,197.40 per troy ounce as of 12:45 GMT on COMEX today. Contract for copper rallied 0.80 percent to $3.0225 per pound.

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

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