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Gold, Silver, Copper Rally After Fed; Platinum & Palladium Don’t Join

June 17, 2015 at 23:08 by Vladimir Vyun

Gold and silver rallied today after the Federal Reserve released its monetary policy statement. Copper also joined the parade but, weirdly enough, not platinum and palladium.

The Fed’s statement looked rather dovish, suggesting that policy makers want to see economic data demonstrates more robust growth of the US economy. And even then, the increase of interest rates will likely be gradual.

Market analysts still do not rule out an interest rate hike in September, but the dovishness of the statement was enough to drive the dollar down. And metals often trade inversely to the greenback, making the current rally not an unexpected event.

August futures for gold advanced 0.55 percent to $1,183.30 per troy ounce as of 23:02 GMT on COMEX today. July silver went up 0.52 percent to $16.03 per ounce. September contract for copper gained 0.38 percent to $2.6185 per pound. At the same time, spot price for platinum edged down 0.11 percent to $1,080.65 per ounce, and palladium slipped 0.04 percent to $724.30 per ounce.

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