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Gold Under Pressure as US Stocks Climb

April 1, 2014 at 19:39 by Vladimir Vyun

Gold retreat today, demonstrating the longest drop in more than four months and reaching the lowest level in 7 weeks. The precious metal declined as US stocks rallied to the record. The Standard & Poor’s 500 Index reached its all-time high today after rallying 20 percent last year.

Gold also declined as Russia pulled away its troops from the border with Ukraine. The news reduced the need for the metal as a safe haven. Even yesterday’s dovish speech of Federal Reserve Chairperson Janet Yellen had not been able to help gold.

Bullion for delivery in June slumped as much as $15.6 (1.21 percent) to $1,278.7 per troy ounce as of 19:37 GMT on COMEX today. It is worth noting that the price is very volatile as of now.

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

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