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Gold Drops Despite Disappointing US GDP, Other Metals Follow

June 28, 2018 at 21:06 by Vladimir Vyun

Gold fell today, and other metals, including silver and copper, followed. The market of metals demonstrated underwhelming performance even as macroeconomic data showed that the US economy rose last quarter less than was expected. Usually, bad news from the United States is good for bullion, but that was not the case today.

Despite risk aversion, caused by trade wars, gold was underperforming lately, heading to a loss for the week and for the month. That caused market analysts to speculate that the precious metal has lost its status as a safe haven. With that said, other assets considered to be safe, like the Japanese yen and the Swiss franc, also logged losses today. It looks like that today traders felt less need for safety. That could explain the losses posted by gold, but not poor performance of other metals.

Futures for delivery of bullion in August fell 0.54% to $1,249.3 per troy ounce as of 20:53 GMT on COMEX today. September silver declined 1.15% to $16.05 per ounce. Copper dropped as much as 1.31% to $2.968 per ounce.

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