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Gold & Copper Reacts Counter-Intuitively to Economic News

April 23, 2014 at 18:44 by Vladimir Vyun

Precious metals advanced today as poor data from the United States and China increased demand for safer investment options. Counter-intuitively, gold fell, while copper rose, even though the common logic suggests that it should be the other way around.

US new home sales fell last month instead of rising as was predicted by market analysts. China’s manufacturing sector continued to decline.

July futures for copper advanced $0.0130 (0.43 percent) to $3.0415 per pound as of 18:38 GMT on COMEX today. June gold lost $4.40 (0.34 percent) to $1,284.10 per troy ounce. July contract for delivery of silver went up $0.05 (0.28 percent) to $19.42 per ounce. Spot price for platinum rose $4.31 (0.31 percent) to $1,405.31 per ounce and price for palladium gained $1.51 (0.19 percent) to $785.98 per ounce.

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