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Dovish Outlook for Fed Monetary Policy Helps Metals

February 4, 2016 at 22:04 by Vladimir Vyun

Gold and other metals rallied today on the back of the weak dollar. Market participants continued to speculate whether the Federal Reserve would be able to continue its interest rate hike cycle this year as the current economic conditions both in the USA and worldwide suggest that this is unlikely. Adding to the dovish outlook were Thursday’s economic indicators released from the United States with rising jobless claims and falling factory orders as well as comments from some Fed officials.

Gold has rallied 8 percent so far in 2016. Yet there are market analysts who argue that it is too early to become bullish on the bullion, at least in the near term.

Contract for delivery of gold in April climbed 1.35 percent to $1,156.7 per troy ounce as of 21:54 GMT on COMEX today. March silver advanced 0.96 percent to $14.88 per ounce. Copper advanced as much as 1.17 percent to trade at $2.1195 per pound.

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

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