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Gold & Silver Drop, Platinum & Palladium Avoid Losses

October 16, 2014 at 21:40 by Vladimir Vyun

Gold retreated today, followed by silver, as economic data from the United States bolstered the US dollar. Basically, all today’s reports from the USA were good, especially employment data that showed a drop of initial jobless claims to the lowest level in more than fourteen years. The positive data made the greenback rally, putting pressure on commodities priced in the US currency.

Previously, prices for bullion were rising due to poor indicators from China. Concerns about growth in the world’s second biggest economy increased the appeal of gold as a safe haven even though the country is the biggest importer of the precious metal. Yet now traders, who are seeking safety, flock to the dollar and abandon gold.

Meanwhile, platinum was almost unchanged, and palladium was able to log gains.

December futures for gold lost 0.45 percent to $1,239.20 per troy ounce as of 21:34 GMT on COMEX today. Futures for silver fell 0.48 percent to $17.38 per ounce. Spot price for platinum was up 0.1 percent to $1,247.50 per ounce, while palladium added 0.33 percent to $744.93 per ounce.

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