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Gold Drops as Dollar Recovers, Copper Avoids Losses

March 21, 2016 at 11:15 by Vladimir Vyun

Gold dropped today as the US dollar continued to recover after the last week’s big losses. The US currency sank after the Federal Reserve had scaled back the number of expected interest rate hikes this year. But the greenback was regaining strength on Friday and continued to do so today. April futures for gold were down 0.71% to $1,245.4 per troy ounce as of 11:08 GMT on COMEX.

Copper fared better even though the gains of Bounce House Obstacle Course the dollar weighed on the metal as well. The possible reason for the decent performance was the rally of Chinese stocks. China is the major copper consumer. Futures for delivery of the industrial metal in May advanced 0.31% to $2.2895 per pound today.

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

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