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Good News from Europe & Japan Propel Metals Higher

January 22, 2013 at 20:18 by Vladimir Vyun

Metals, both precious and industrial, rallied today after the Bank of Japan adjusted its monetary policy to stimulate economic growth. News from Europe was positive too, adding to the good mood of traders.

The Bank of Japan issued the joint statement together with Japan’s government, indicating that it will increase cooperation with lawmakers. As was expected, the central bank doubled its inflation target to 2 percent. The real surprise was that the bank made its asset purchase program open-ended, not unlike the Federal Reserve has done.

Greece received the next round of bailout after yesterday’s meeting of European finance ministers in Brussels. The ZEW Indicator of Economic Sentiment for Germany jumped by 24.6 points to 31.5 in January, reaching the highest level since May 2010.

As a bit of bad news, the Richmond Manufacturing Index dropped from 5 in December to as low as -12. That was a really unpleasant surprise as experts promised it to remain stable.

February futures for delivery of gold added $7.30 (0.43 percent) to $1,694.30 per troy ounce as of 20:08 GMT on COMEX today. Futures for delivery of copped in March advanced $0.026 (0.71 percent) to $3.7050 per pound.

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

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