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Gold Stabilizes After Dollar Falls on Dismal US Retail Sales

February 14, 2019 at 17:33 by Vladimir Vyun

Gold stabilized today after falling earlier. The precious metal reduced its losses after extremely poor US retail sales drove the dollar down and led to speculations that the Federal Reserve will refrain from raising interest rates further.

Previously, bullion declined amid the positive market sentiment caused by optimism about Sino-US trade talks. High level US-China trade negotiations started today as US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer traveled to Beijing to meet Chinese Vice Premier Liu He.

Contract for delivery of gold in April was almost flat at $1,314.4 per troy ounce as of 17:14 GMT on COMEX today. As for other metals, silver for delivery in March dropped 0.72% to $15.54 per ounce. Spot price for platinum was little changed at $786.5 per ounce, while palladium managed to rally by 0.77% to $1,408.51 per ounce. Futures for delivery of copper in March stayed little changed at $2.772 per pound.

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