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Gold Reverses Earlier Losses, Copper Dips on China’s Data

March 10, 2015 at 13:41 by Vladimir Vyun

Gold was trading lower earlier today but bounced as of now. As it was expected, volatility increases as the date of the Federal Reserve policy meeting nears. Still, the outlook remains negative for the precious metal, though the US employment report released later today may change the sentiment a bit. April futures for gold were up 0.14 percent to $1,168.10 per troy ounce as of 13:05 GMT on COMEX today, falling as low as $1,156.20 earlier — the lowest price for a most-traded contract since December 1.

Meanwhile, copper sank today on concerns about deflation in China, the biggest user of the industrial metal. While consumer prices were growing, the Producer Prices Index tumbled 4.8 percent in February from a year ago, while analysts counted on the same rate of drop as in the previous month — 4.3 percent. The metal was also suffering from stronger dollar which also caused a drop of gold earlier, though the precious metal managed to recover while copper did not. May contract for copper slumped 1.91 percent to $2.6195 per pound.

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

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