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Gold & Other Precious Metals Find Support in Poor US Data

May 22, 2014 at 17:07 by Vladimir Vyun

Gold advanced today, followed by other precious metals, as most economic reports from the United States trailed analysts’ estimates. Initial claims for unemployment benefits rose from 298,000 to 326,000 last week, above the analysts’ projection of 312,000. Existing home sales grew from 4.59 million in March to 4.65 million in April but still missed the predicted reading of 4.71 million.

Good data from China, which improved the market sentiment a bit, did not hurt precious metals. The Asian nation is the second biggest consumer of gold, making positive developments in its economy favorable to the metal. Additionally, hopes for increasing imports in India continued to support the bullion.

August futures for delivery of gold gained $6.60 (0.51 percent) to $1,294.70 per troy ounce as of 17:02 GMT on COMEX today. July contract for silver added $0.17 (0.89 percent) to $19.51 per ounce. Spot price for platinum was up $13.62 (0.92 percent) to $1,490.75 per ounce, and price for palladium rose by $7.45 (0.90 percent) to $836.30 per ounce.

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