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Gold Gains on Risk Aversion, Weakening Dollar

November 14, 2018 at 20:21 by Vladimir Vyun

Futures for gold logged solid gains today, rising more than 1%. Other precious metals rallied as well, with the exception of palladium.

Market analysts speculated that the rally was a result of risk aversion caused by various geopolitical risks. Falling German gross domestic product and the stand-off between the European Union and Italy over the Italian budget deficit were among major reasons for investors to worry about. Uncertainty about the Brexit deal between the EU and Great Britain was another source of concern.

The US Dollar Index fell a bit today despite the solid inflation print. It helped bullion, which usually has inverse correlation with the US currency.

Futures for delivery of gold in December gained 1.03% to $1,213.8 per troy ounce as of 20:06 GMT on COMEX today. Silver advanced 1.09% to $14.13 per ounce. Spot price for platinum declined 0.26% to $837.15 per ounce, while palladium gained as much as 1.47% to $1,129.7 per ounce.

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