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Gold Declines After Massive Rally, Other Precious Metals Follow

February 12, 2016 at 1:43 by Vladimir Vyun

Gold fell today and other precious metals followed as traders decided to take profit from their long positions after the massive rally on Thursday. The losses were relatively small and looked like just a minor correction.

Bullion has rallied yesterday due to cautious comments of Janet Yellen, Chairwoman of the Federal Reserve. She signaled that the Fed is still going to continue with monetary tightening, but the pace of interest rate hikes may be slower. This hurt the dollar, helping the metal in the process. Additionally, traders flocked to safety of gold due to concerns about the recent troubling developments in global economy.

Bullion for delivery in April slipped 0.71 percent to $1,238.9 per troy ounce as of 1:34 GMT on COMEX today after rallying more than 4 percent yesterday. March futures for silver declined 0.44 percent to $15.73 per ounce. Spot price for platinum was down 0.77 percent, and palladium fell 0.38 percent to $521.85 per ounce.

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

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