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Gold & Silver Rally, Platinum & Palladium Go Down

April 24, 2015 at 0:46 by Vladimir Vyun

Futures for gold rallied during early Friday’s trading on the back of the dollar’s weakness. Silver gained as well while platinum and palladium declined.

The weakness of the greenback was the result of Thursday’s economic data from the United States which was rather poor. Unemployment claims rose unexpectedly while the manufacturing index demonstrated a surprise drop. The housing market was performing poorly as well. The US currency often trades inversely to precious metals, therefore its decline following the negative reports provided support for the metal market.

Not all the metals were able to profit from the dollar’s decline. The reason for that was economic data from China that was likewise soft. China’s manufacturing index fell, according to the HSBC/Markit report, even though economists promised no change. China, being the world’s second biggest economy, strongly affects the market, and bad news from the Asian country often leads to a decline of metals.

June futures for delivery of gold went up 0.53 percent to $1,193.20 per troy ounce as of 00:40 GMT on COMEX today. July contract for silver gained 0.07 percent to $15.84 per ounce. Meanwhile, spot price for platinum declined 0.12 percent to $1,135.50 per ounce, and palladium lost 0.06 percent to $771 per ounce.

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