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Gold Extends Retreat as Traders Wait for Fed Minutes

February 16, 2016 at 20:46 by Vladimir Vyun

During the Tuesday’s trading session, gold extended its retreat from the 12-month high, and other precious metals followed. Traders wait for tomorrow’s release of the Federal Reserve’s policy minutes in hope to gain a glimpse of Fed’s plans for the future. While market participants doubt that the central bank will be able to continue monetary tightening this year, so far US policy makers have been signaling that they are going to continue hiking interest rates, albeit with slower pace.

Meanwhile, Mario Draghi, President of the European Central Bank, reiterated his intention to review monetary policy in March, most likely easing it even further. This was helping the dollar to gain. And it looks like gold returned to its usual behavior of moving inversely to the US currency, therefore bullion fell during the current trading session.

Contract for delivery of gold in April sank 2.84 percent to $1,204.2 per troy ounce as of 20:40 GMT on COMEX today. March silver slumped as much as 3.2 percent to $15.29 per ounce. Spot price for platinum went down 0.67 percent to $930.78 per ounce. Palladium fell 0.76 percent to $509.78 per ounce.

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

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