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Gold & Silver Down on Stronger Dollar, Platinum & Palladium Avoid Losses

October 17, 2017 at 19:55 by Vladimir Vyun

Gold and silver dropped today as the US dollar gained, pushing back commodities priced in the US currency. Copper followed suit. Surprisingly enough, platinum and palladium were not in the same boat, logging decent gains during the current trading session.

The greenback rallied on prospects for an interest rate hike from the Federal Reserve by the year end and chances for another one in the first half of the next year. The release of solid macroeconomic data from the United States also helped the currency. Commodities, gold in particular, often trade inversely to the dollar.

Contract for delivery of gold in December slumped 1.16% to $1,287.9 per troy ounce as of 19:50 GMT on COMEX today. Futures for silver tumbled as much as 1.78% to $17.06 per ounce. At the same time, spot price for platinum was up 0.39% to $934.62 per ounce, and palladium gained 0.81% to $982.95 per ounce.

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