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Gold Ends Last Trading Day of Volatile Week with Gains

April 10, 2015 at 21:47 by Vladimir Vyun

Gold ended the last day of the trading week with rather substantial gains, and other precious metals followed suit. The week has been very volatile, and the gold has seen both gains and losses. The volatility was the result of the policy minutes from the Federal Reserve which had both hawkish and dovish parts. The report resulted in confusion on markets as traders were trying to guess future trends and rearrange their positions accordingly.

The Commitment of Traders Report, released by the US Commodity Futures Trading Commission by the end of the session, was very favorable for gold. It showed that not only the number of long positions of hedge funds exceeded the number of short positions but also that the amount of longs were increasing while shorts were falling.

The supply-demand situation is somewhat mixed for gold. On one hand, there is news that many gold mines in South Africa are closing, meaning that production of the precious metal will fall. On the other, the weakness of the rupee resulted in falling consumption of the metal in India, the world’s second biggest user of gold.

June futures for delivery of gold advanced as much as 1.16 to settle at $1,207.40 per troy ounce on COMEX today. May contract for delivery of silver gained 1.63 percent to $16.44 per ounce. Spot price for platinum increased by 1.42 percent to $1,172.63 per ounce, and price for palladium 1.83 percent to $777.50 per ounce.

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

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