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Gold & Other Metals Under Pressure, Silver Avoids Losses

July 20, 2015 at 16:40 by Vladimir Vyun

Gold accelerated its losses, failing its attempt to bounce after the slump to the lowest level in more than five years. China dealt another blow to the metal, reporting an increase of its gold holdings by just 57 percent over six years from the previous report. The number was far smaller that gold bulls were hoping for.

Of course, there are prospects for monetary tightening in the United States and the resulting strength of the US dollar. It hurt not only gold, but other metals as well — both precious and industrial. Surprisingly, silver avoided decline, eking gains during the Monday’s trading session.

August contract for gold tumbled 2.04 percent to $1,108.80 per troy ounce as of 16:37 GMT on COMEX today. September copper edged down 0.34 percent to $2.4875 per pound. At the same time, futures for silver advanced 0.14 percent to $14.86 per ounce.

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