Commodity Blog

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Gold & Copper Rebound After Decline, Remain Vulnerable

June 19, 2013 at 2:32 by Vladimir Vyun

Gold and copper rebounded today after yesterday’s slump, but still remains vulnerable to the adverse market sentiment. Traders are nervous as they wait for the end of the two-day Federal Reserve meeting that has started yesterday. The announcement of the decision will likely be followed by immense volatility on markets.

Market participants are afraid that the US central bank will decide to reduce stimulus. The recent macroeconomic data was fairly good, leading to talks that the monetary policy may be tightened a little without damaging economic growth too much. Such speculations are positive for the US dollar and negative for commodity prices.

August future for delivery of gold traded at $1,366.90 per troy ounce as of 2:20 GMT on COMEX today after falling as much as 1.2 percent yesterday. September contract for copper rallied $0.001 (0.03 percent) to $3.156 per pound today following the 1.3 percent drop on the previous trading session.

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

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