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Gold & Silver Back Off After Rally, Copper Continues to Rise

June 3, 2015 at 0:00 by Vladimir Vyun

Metals rallied on Tuesday on the back of the weaker dollar. At the start of Wednesday’s trading, gold and silver retreated a little while copper continued to rally.

The US currency is under pressure from speculations that economic growth in the United States is not as strong as it has been perceived before, meaning that an interest rate hike in June is unlikely. The longer-term outlook for the greenback is still bullish, but the currency is in a bearish mode for now, and this has helped dollar-priced raw materials to rally.

On top of that, there were signs that Greece and creditors may reach a deal that will allow the indebted country to repay its arrearages at a later date. This boosted the euro, driving the dollar down at the same time and giving further support to commodities.

Futures for delivery of gold ticked down 0.09 percent to $1,193.30 per troy ounce after rising by 0.45 percent to $1,194.10 earlier on COMEX. July futures for silver slipped 0.11 percent to $16.78 per ounce following the rally by 0.68 percent to $16.79. At the same time, July contract for delivery of copper gained 0.11 percent to $2.739 per pound.

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