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Gold Rallies amid Risk Aversion, Other Precious Metals Join

April 4, 2017 at 21:37 by Vladimir Vyun

Gold futures rallied today amid risk aversion on markets, and other precious metals joined the rally as well. There were plenty of reasons for traders to be cautious: the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping, the presidential elections in France at the end of the month, and the bombing in Russian metro. Investors often buy gold when they need safety during tumultuous times, and it looks like that was the case today.

Turkish President Tayyip Erdogan called on Turks to sell foreign currency and buy gold. The Turkish lira has weakened sharply recently, and the President hopes that such measures can support the currency.

Futures for delivery of gold in June advanced 0.33% to $1,258.1 per troy ounce as of 21:13 GMT on COMEX today. March contract for silver climbed 0.59% to $18.32 per ounce. Spot price for platinum rose 0.43% to $960.9 per ounce while palladium was little changed at $806.75 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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