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Gold & Platinum Head to Worst Quarter Since 2016, Zinc to Worst Quarter Since 2015

June 29, 2018 at 22:26 by Vladimir Vyun

Precious metals rallied today, while industrial metals fared far worse. The market of metals got a boost after the dollar weakened against the euro. The EUR/USD pair jumped sharply after the European Union members achieved a migration deal. Still, gold and platinum headed to the worst quarter since the end of 2016. Traders were spooked by the threat of trade wars, but preferred to stick to the dollar and higher-yielding US Treasuries instead of bullion, which usually serves as a safe haven in times of uncertainty and fear. Silver performed better thanks to industrial demand. Futures for delivery of gold in August rose 0.26% to $1,254.2 per troy ounce on COMEX today. September contract for silver gained 0.74% to $16.16 per ounce. Spot price for platinum advanced 0.45% to $853.33 per ounce, while palladium jumped as much as 1.07% to $955.48 per ounce.

Meanwhile, zinc slid, heading to the worst quarter since 2015, as market participants did not believe the report that Chinese smelters are going to reduce output by 10%. The nation’s biggest smelter said that it would not participate in the production cut, and other may also not fully comply. Price for zinc fell 1.5% to $2,854 per metric ton on LME today. Copper followed suit as September contract declined 0.24% to $2.9645 per pound on COMEX.

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