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Gold & Copper Ends Friday with Losses

May 25, 2013 at 0:13 by Vladimir Vyun

Gold dropped as positive data from the United States added to speculations that the Federal Reserve will trim its stimulus. US durable goods orders rose 3.3 percent in April. The report added to signs that the US economy is growing with steady pace and can persist without excessive accommodation.

Copper declined too. The HSBC Flash China Manufacturing Purchasing Managers’ Index slipped from 50.4 in April to 49.6 in May, falling below the neutral 50.0 level. China is the major copper consumer and signs of economic slowdown in the country are bearish for the metal.

August futures for delivery of gold declined $5.2 (0.37 percent) to close at $1,386.60 per troy ounce on COMEX. Contract for delivery of copper in three months was down $0.01 (0.01 percent) to the closing price of $7,299 per metric ton on LME.

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