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Gold Flat, Bouncing from One-Week Low, Other Precious Metals Mixed

January 30, 2018 at 16:42 by Vladimir Vyun

Gold was flat today after touching the lowest level in a week intraday. Silver managed to carve out gains, while platinum and palladium logged significant losses.

One of the possible reasons for the gold’s bounce was the drop of global stocks. Among them was the Dow Jones Industrial Average that slumped about 0.9%. Asian equities were hit especially hard. Bullion tends to gain when riskier assets decline, not to mention the unstoppable rally of the stock market was sucking in funds away from other markets.

Analysts were worried, though, that metals are vulnerable ahead of tomorrow’s policy announcement from the Federal Reserve. The Fed will conclude its two-day meeting on Wednesday, and chances are that the policy statement will be optimistic. If that is the case, the dollar will likely gain, while dollar-denominated commodities will suffer. Additionally, traders wait for the speech of US President Donald Trump as of 2:00 GMT on Wednesday.

April futures for delivery of gold slipped 0.11% to $1,343.6 per troy ounce as of 16:31 GMT on COMEX today after touching the low of $1,332.8 earlier and then rebounding to trade almost flat. Contract for delivery of silver in March advanced 0.08% to $17.14 per ounce. Meanwhile, spot price for platinum dropped 1.14% to $995.08 per ounce, and palladium tumbled as much as 2.31% to $1,064.15 per ounce.

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

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