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Gold & Other Metals Rally After Dovish Fed

October 9, 2015 at 10:13 by Vladimir Vyun

Gold rallied today on the back of the dollar’s weakness. Other precious metals followed suit. The US currency edged lower following the minutes of the latest Federal Reserve monetary policy meeting.

The Fed released yesterday the minutes of its September meeting. Initially, the release had a positive impact on the greenback (and negative on the metals market) as the notes said that, while international developments were troubling, US policy makers “agreed that developments over the intermeeting period had not materially altered the Committee’s economic outlook.” But the market trends reversed as traders were digesting the news. As a result, the dollar has been put on the back foot while metals prospered.

December futures for delivery of gold gained 0.66 percent to $1,151.90 per troy ounce as of 10:09 GMT on COMEX today. Contract for silver advanced 0.91 percent to $15.91 per ounce. Spot price for platinum jumped as much as 3.31 percent to $980.45 per ounce, and palladium climbed 1.89 percent to $714.80 per ounce.

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