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Gold & Silver Bounce as Dollar Retreats, US Stocks Crash

February 8, 2018 at 20:23 by Vladimir Vyun

Gold and silver bounced from the decline they have posted earlier today. The rebound followed the retreat of the US dollar. It was not surprising to see as dollar-denominated commodities usually inversely correlated to moves of the greenback. The precious metals also rose as the US stock market crashed amid concerns will hurt growth of the US economy.

Earlier, the dollar was rallying on the news about a two-year budget deal that should prevent a shutdown of the US government. High US bond yields were also sapping the appeal from non-interest-bearing assets.

April futures for gold rose by 0.37% to $1,319.4 per troy ounce as of 20:16 GMT on COMEX today. Contract for delivery of silver in March climbed by 0.81% to $16.37 per ounce.

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