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Gold & Silver Extend Drop, Copper Gains

November 7, 2014 at 4:54 by Vladimir Vyun

Gold and silver continued to fall today as the dollar surged following a monetary policy announcement from the European Central Bank yesterday. While the central bank did not change its monetary policy, ECB President Mario Draghi said at the press-conference after the announcement that the quantitative easing program will stay in place for at least two years and policy makers will not hesitate to take additional stimulating measures if necessary. Such words shook markets, sending the greenback higher and most currencies, as well as precious metals, lower. December futures for gold dipped 0.24 percent to $1,139.90 per troy ounce as of 4:34 GMT on COMEX today. Contact for silver declined 0.80 percent to $15.29 per ounce.

Meanwhile, futures for copper gained on hopes that economic growth in the United States will result in higher demand for the metal used in manufacturing and construction. Initial claims for unemployment benefits fell last week more than analysts have expected. The data followed the Wednesday’s positive employment report. December futures for delivery of copper gained 0.35 percent to $3.0280 per pound.

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