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Good US Data Damages Precious Metal Prices

June 13, 2013 at 19:09 by Vladimir Vyun

Precious metals dropped today on positive data from the United States. Unemployment claims fell from 346,000 to 334,000 last week. They were expected to increase to 354,000. Retail sales grew 0.6 percent in May, beating the forecast of 0.4 percent.

Today’s reports added to evidences of stable growth in the USA. It means that the Federal Reserve may indeed reduce the scale of its monetary stimulus. Such possibility scared investors away from metals.

August futures for delivery of gold dropped $15.80 (1.14 percent) to $1,376.20 per troy ounce as of 19:04 GMT on COMEX today. July contract for silver subtracted $0.23 (1.06 percent) to $21.57 per ounce. Spot price for platinum fell $30.15 (2.04 percent) to $1,449.95 per ounce and palladium lost as much as $24.75 (3.27 percent) to $732.50 per ounce.

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