Commodity Blog

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Friday is Black for Precious Metals

November 27, 2015 at 20:45 by Vladimir Vyun

Precious metals dropped on Friday (Black Friday in the United States) as market participants continued to speculate about possible interest rate hike from the Federal Reserve next month. Such speculations boost the dollar, and the US currency often moves inversely to prices for metals.

Bank of America Merrill Lynch reported that investors pulled $1.0 billion out of precious metals funds — the biggest outflow in about four months. As a result, gold was trading near the lowest level in six years while platinum dipped to the seven-year low.

China, one of the world’s biggest consumers of metals, also remains a source of concern for traders. Fears intensified after the Chinese stock market crashed yet again.

February contract for delivery of gold slid 1.27 percent to $1,056.1 per troy ounce as of 20:39 GMT on COMEX today. March silver declined 0.74 percent to $14.07 per ounce. Spot price for platinum sank 1.97 percent to $835.75 per ounce, and palladium was down 1.01 percent to $551 per ounce.

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