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Gold Stable After IMF Report & Crude Oil Rally

April 12, 2016 at 21:18 by Vladimir Vyun

Gold was relatively stable today. Palladium was flat as well while silver and platinum rallied.

Bullion halted its rally as the dollar was attempting to recover. The greenback found some support from the pessimistic world growth outlook from the International Monetary Fund. Specialists say that the report is negative for the currency in the long run (and therefor positive for metals) as slugging global growth will not allow the Federal Reserve to continue monetary tightening (or at least to perform it as fast as was planned initially).

While gold and crude oil were rising in tandem previously, today the rally of crude was detrimental Adult Bounce House to the precious metal. The rise of oil prices resulted in risk appetite, giving traders less incentive to buy gold as protection against risks.

June futures for bullion were little changed at $1,257.2 per troy ounce as of 21:09 GMT on COMEX today. May contract for silver climbed 1.4% to $16.2 per ounce. Spot price for platinum was at $1,000.3 per ounce, and palladium traded at about $547.05 per ounce.

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

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