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Gold & Other Precious Metals Decline as Dollar Gains, Copper Avoids Losses

October 12, 2018 at 15:31 by Vladimir Vyun

Gold and other precious metals declined today as the US dollar gained against the basket of six major currencies. The Dollar Index rose 0.25% during the trading session. Stronger greenback often leads to losses for commodities priced in the US currency. Contract for delivery of gold in December declined 0.54% to $1,221 per troy ounce as of 15:12 GMT on COMEX today. Silver went down 0.14% to $14.59 per ounce. Spot price for platinum dropped 0.48% to $836.91 per ounce, and palladium fell 0.25% to $1,077.15 per ounce.

Meanwhile, copper managed to avoid losses. Market analysts explained it by increasing infrastructure spending in China. The world’s biggest consumer of the industrial metal has ambitious construction plans, and that promises increasing demand for copper. Indeed, China increased its unwrought copper imports by 24% in September from the previous month to 521,000 metric tons, the highest level since March 2016. Futures for copper advanced 0.37% to $2.8135 per pound.

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