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Gold Rallies on Back of Dollar’s Weakness, Other Precious Metals Join

December 27, 2017 at 19:12 by Vladimir Vyun

Gold rallied today on the back of the dollar’s weakness. Other precious metals joined the rally, with the exception of platinum.

The greenback fell against its most-traded peers during Wednesday’s trading, though mostly avoided losses versus safe currencies. Market analysts blamed calm trading and lack of liquidity for that. US economic data released over the trading session was unhelpful to backyard bounce house the currency as well, specifically the US consumer confidence that fell much more than experts had anticipated.

The Commitments of Traders report for the week ending December 19 released by the Commodity Futures Trading Commission on Friday showed that hedge funds and money mangers had much more long positions for gold than short ones.

Contract for delivery of gold in February edged up by 0.35% to $1,292 per troy ounce as of 19:05 GMT on COMEX today. March silver jumped 0.94% to $16.76 per ounce. Spot price for palladium advanced as much as 1% to $1,064.54 per ounce, while platinum was little changed at $922.35 per ounce.

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