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Gold & Silver Bounce as Geopolitical Tensions Mount

January 6, 2016 at 12:03 by Vladimir Vyun

Gold and silver bounced after the earlier losses today amid growing geopolitical tensions. North Korea reported that it has conducted a nuclear bomb test. Meanwhile, the conflict between Iran and Saudi Arabia continued to threaten the stability of the Middle Eastern region.

The signs of slowing growth in China were also Large Bounce House feeding the risk-negative market sentiment. Yet this does not necessary translate into gains for precious metals as the Asian nation is a major consumer of raw materials, including gold. Therefore, worsening economic conditions in the country mean smaller physical demand for metals.

February contract for delivery of gold advanced 0.64 percent to $1,085.3 per troy ounce as of 12:00 GMT on COMEX today. Silver for delivery in March was up 0.21 percent to $14 per ounce.

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