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Gold & Other Precious Metals Fall with Exception of Palladium

July 7, 2014 at 20:52 by Vladimir Vyun

Gold declined today as the latest stellar employment data from the United States led to speculations that the US central bank will start tightening its monetary policy sooner than was expected. Such prospect is negative for the precious metal, as well as for most other commodities, as it should bolster the dollar, pushing down value of raw materials priced in the US currency. For now, the greenback continues to experience weakness, but this did not help gold even though the metal was profiting from the dollar’s weakness before.

Other precious metals posted losses too with the exception of palladium, which touched the highest price in more than a decade. The reason for the palladium’s rally is the view that, even though mining worker strikes ended, considerable damage to output has been done. Such opinion should have also bolstered platinum but this was not the case.

August futures for delivery of gold slipped 0.09 percent to $1,319.40 per troy ounce as of 20:26 GMT on COMEX today. September contract for silver declined 0.48 percent to $21.04 per ounce. Spot price for platinum lost 0.29 percent to $1,494.69 per ounce, while palladium gained 0.43 percent to $868.57 per ounce after reaching $869.60 earlier — the highest price for a most-traded contract since February 2001.

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