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Drop of Stocks Beneficial for Gold

December 30, 2014 at 3:57 by Vladimir Vyun

Gold rallied today as the drop of stocks encouraged traders to seek alternative investment vehicles. Equities were falling as energy companies registered losses due to the decline of prices for crude oil. Other precious metals also joined gold in the rally.

Despite the current rally, bears are not ready to surrender. Bullion was falling previously because of the outlook for close monetary tightening from the Federal Reserve. That negative factor remains in place, meaning that prices may yet reverse the rally.

February contract for delivery of gold added 0.41 percent to $1,186.80 per troy ounce as of 3:54 GMT on COMEX today. Silver went up 0.51 percent to $15.86 per ounce. Spot price for platinum advanced 0.57 percent to $1,207.94 per ounce, while palladium gained 0.25 percent to $812.25 per ounce.

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

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