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Gold Rallies amid Demand for Safety

May 28, 2015 at 21:59 by Vladimir Vyun

Investors felt need for safer assets, and this resulted in a small relief rally for gold after two sessions of losses. China’s benchmark Shanghai Composite Index slid more than 6 percent today. While there were talks that Greece had moved close to reaching a deal with its European creditors, officials from other countries of the European Union dismissed such rumors. All the bad news allowed gold to benefit from its role of a safe haven.

As for other precious metals, they demonstrated a mixed performance. Silver followed gold in rally while platinum and palladium inched down a little.

Futures for delivery of bullion in August gained 0.15 percent to $1,188.30 per troy ounce as of 21:55 GMT on COMEX today. July contract for silver added 0.23 percent to $16.69 per ounce. At the same time, spot price for platinum ticked down 0.07 percent to $1,116 per ounce, and palladium slipped 0.06 percent to $786.68 per ounce.

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