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Gold & Silver Edge Up After Monday’s Huge Drop

July 3, 2017 at 23:33 by Vladimir Vyun

Gold and silver rose a bit during the Tuesday’s Asian trading session, but that was after the drop to the lowest level in seven weeks on Monday. The decline followed a rally of the US dollar and US bond yields, which was caused by surprisingly good US manufacturing data. Institute for Supply Management reported that the US manufacturing Purchasing Managers’ Index climbed from 54.9% in May to 57.8% in June, while experts did not anticipate any significant change.

Futures for delivery of gold in August rose 0.2% to $1,221.6 troy ounce as of 23:24 GMT on COMEX after falling 1.6% earlier. Contract for delivery of silver in September edged up 0.27% to $16.14 per ounce following the drop by 2.6%.

Gold usually moves opposite to gold. Yet the metal failed to capitalize on the greenback’s weakness in the second quarter of 2017. That is because the currency dropped on anticipation of monetary tightening in central banks around the world, and which is bad not just for the dollar but for gold as well.

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