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Gold Edges Little Higher After Biggest One-Day Drop in 2017

March 3, 2017 at 0:51 by Vladimir Vyun

Gold edged up at the start of the Friday’s session (and other precious metals gained as well), but the rise followed Thursday’s drop that was the biggest one-day drop this year. The slump coincided with the rally of the US dollar. Metals and the US currency often move in reverse correlation to one another.

The reason for the gold’s big slump was anticipation for an interest rate from the Federal Reserve soon. CME FedWatch shows about 75% probability of a hike as soon as this month, up from 34% just a week ago.

The speech that US President Donald Trump delivered to the Congress earlier this week was well-received by markets, putting them into a risk-on mode. That also affected gold negatively.

April futures for gold climbed 0.21% to $1,235.5 per troy ounce as of 00:23 GMT on COMEX today after sinking 1.4% yesterday. March contract for silver advanced as much as 0.52% to $17.84 per ounce. Spot price for platinum edged up 0.38% to $991.75 per ounce, and palladium rose 0.35% to $769.94 per ounce.

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