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Gold & Silver Flat, Other Metals Post Losses

July 19, 2017 at 19:34 by Vladimir Vyun

Gold and silver were basically flat today, while such metals as platinum, palladium, and copper fell. The market of metals was under pressure as economic data, namely a housing starts and building permits report, released during the current trading session from the United States was surprisingly good. That boosted the dollar and hurt commodities priced in the US currency.

Now, traders wait for tomorrow’s policy announcement from the European Central Bank. If the ECB signals about a possible stimulus exit in the future, the likely outcome will be a crash of the greenback and a surge of prices for raw materials.

August futures for gold slipped 0.07% to $1,241 per troy ounce as of 19:26 GMT on COMEX today. September contract for silver was basically unchanged at $16.27 per ounce. Spot price for platinum declined 0.67% to $921.2 per ounce, and palladium lost 0.54% of its value to trade at $861.01 per ounce. Copper for delivery in September contracted 0.82% to $2.708 per pound.

If you have any questions and comments on the commodities today, use the form below to reply.

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