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Gold & Silver Retreat After Friday’s Gains, Iron Ore Soars

March 7, 2016 at 21:53 by Vladimir Vyun

Gold and silver retreated on Monday following the Friday’s rally. Silver gained and gold rose to the highest level in more than a year by the weekend due to confusing nonfarm payrolls that muddled the outlook for Federal Reserve’s monetary policy. Today, the metals back off as the rally of crude oil made investors bolder and less Bounce House Games interested in assets that are considered to be safe. The losses were marginal, though. April futures for delivery of gold went down 0.2% to $1,268.1 per troy ounce as of 21:21 GMT on COMEX today. May silver ticked down 0.18% to $15.67 per ounce.

Prices for iron ore soared today on hopes that China will add economic stimulus to reignite its cooling growth. Skeptics say that the rally would be short-lived, but for now the commodity is on the rise. Iron ore surged by a daily limit to 407 yuans ($62.47) per metric ton on the Dalian Commodity Exchange. Prices have risen almost 60% since January 12 when the current rally has started.

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