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Gold Ignores USD Rally — Rises

September 25, 2014 at 16:21 by Andriy Moraru

The gold ignores what other commodities are doing and is growing despite the strong US dollar rally today. While other USD-denominated commodities seem to be struck by the strong risk-aversion trend, the shiny metal is getting support as traders move their assets from stock markets to safe haven vehicles.

S&P500 declined by 1.3 percent and NASDAQ index decreased by 1.7 percent today as the stock markets reacted to stronger dollar and global uncertainty. The fear of excess risk moved on to the commodities, where silver, copper, palladium, and agricultural futures fell today. Nevertheless, crude oil, and platinum managed to gain along with the gold.

Spot gold renewed its 9-month low today, reaching $1,206.75 per troy ounce during the early trading session. Overall, it rose from $1,212.42 to $1,220.17 as of 16:19 GMT today.

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

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