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Gold Gains as Dollar Weakens, Copper Falls on Demand Concerns

December 9, 2014 at 4:31 by Vladimir Vyun

Gold traded above the opening level during Tuesday’s early session. The dollar weakened against most of its major peers yesterday and continued to fall versus the Japanese yen today. Prices for the precious metals often move inversely to the US currency. This means that the greenback’s weakness was beneficial for gold. February contract for delivery of bullion advanced 0.44 percent to $1,200.10 per troy ounce as of 3:58 GMT on COMEX today.

Copper declined today on concerns that demand from China and Germany will decrease. The Customs General Administration of China reported that imports in the Asian nation fell in November. Growth of German industrial production was at 0.2 percent in October, down from 1.1 percent in the previous month. The poor economic data led to speculations that the two major copper buyers will reduce consumption of the metal used in industry and construction. Futures for delivery of copper in March dropped 0.19 percent to $2.88 per pound today.

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