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Gold Unable to Profit from Bad News

February 10, 2015 at 21:35 by Vladimir Vyun

With all the negative news that dragged some commodities down, one might assume that safe assets would be best performing ones. Yet it was not so. While the Japanese yen, considered to be a safe haven currency, was one of the biggest losers on the Forex market, gold was a poor performer among commodities, though its performance was not as bad as that of crude oil. Other precious metals also performed poorly.

What is the reason for such behavior? One of the reasons is that among the bad news was economic data from China, one of the biggest users of gold. Another reason is that, despite all the negativity associated with Greece, Greek and other European stocks rallied, attractive investors to them instead of precious metals.

April futures for gold ticked down 0.56 percent to $1,234.60 per troy ounce as of 21:30 GMT on COMEX today. March silver lost 0.97 percent to $16.91 per ounce. Spot price for platinum declined 0.80 percent to $1,208.94 per ounce, and price for palladium was down as much as 1.20 percent to $770.99 per ounce.

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