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Gold & Silver Continue to Rally on Fed Policy Outlook

March 21, 2019 at 19:11 by Vladimir Vyun

Gold and silver extended today yesterday’s rally that followed the news that the Federal Reserve dropped its plans to hike interest rates further this year. An interesting fact is that the US dollar was bouncing after yesterday’s losses, but the precious metals remained unfazed. Some market analysts speculated that the falling US Treasury yields can explain the metals’ rally. Another supporting factor for the metals was the fact that some investors were betting on an interest rate cut from the Fed in December as was shown by the CME FedWatch page.

April futures for delivery of bullion advanced 0.49% to $1,308.1 per troy ounce as of 18:52 GMT on COMEX today. Silver for delivery in May gained 0.93% to $15.46 per ounce. Other metals fared worse, with spot price for platinum falling 0.08% to $861.91 per ounce and palladium staying little changed at $1,600.07. Contract for delivery of copper in May dropped 0.27% to $2.913 per pound.

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