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Gold Rises with US CPI, Nickel Gains on Supply Concerns

January 17, 2014 at 0:11 by Vladimir Vyun

Gold prices rose today as US inflation kicked in last month. Gold can be a hedge against inflation, and rising consumer prices in the United States suggest that demand for the metal in such role may increase. Of course, concerns about possible quantitative easing tapering by the Federal Reserve limit upward momentum of the precious metal. Futures for delivery of gold in February went up $2.2 (0.18 percent) to $1,242.4 per troy ounce as of 00:01 GMT on COMEX today.

Nickel was rising yesterday on speculations that export ban in Indonesia may hurt global supply. The ban has taken effect this month and analysts expect that it may turn world surplus into deficit. Yet some of experts are skeptical and think that the current rally will be short-lived. Contract for delivery of nickel in three months jumped 1.1 percent to $14,688 per metric ton on LME yesterday.

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