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Gold & Copper Fluctuate as Traders Unsure About Fed

August 14, 2013 at 5:49 by Vladimir Vyun

Gold and copper were swinging between gains and losses as traders were speculating if the Federal Reserve will reduce the scope of stimulus program next month. Most economic reports from the United States were good, supporting the case for stimulus tampering. For example, retail sales rose 0.2 percent for the second consecutive month in July. But there were some reasons for concerns like the poor nonfarm payrolls or inflation that is expected to slow from 0.5 percent in June to 0.2 percent in July.

Copper was supported by signs of economic growth in China, the biggest consumer. Gold was hurt by plans of the Indian government to increase import tariffs. So it was surprising to see that copper fell today, while gold was trying to rally (it fell a little as of now).

December contract for delivery of copper slid $0.013 (0.39 percent) to $3.304 per pound as of 5:44 GMT on COMEX today. Futures for gold lost $0.7 (0.05 percent) to $1,319.80 per troy ounce.

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

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