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Market of Metals Ignores North Korean Missile Launch

November 28, 2017 at 19:46 by Vladimir Vyun

Gold and platinum were little changed, silver dropped, and palladium rallied today as markets largely ignored the news about yet another nuclear missile launch by North Korea. Usually, gold profits from geopolitical troubles. But it looks like markets have gotten used to the rogue nation flexing its muscle. And without more significant threat at the present time, investors prefer to just not pay attention to the provocations.

Metals and other commodities priced in the dollar were under pressure from the strong US currency during the current trading session. The greenback got support from strong economic data as well as from hopes for further monetary tightening. Fed Chair nominee Jerome Powell said that policy makers “expect interest rates to rise somewhat further” but warned that “the future cannot be known with certainty.”

Contract for delivery of gold in February was little changed at $1,299.1 per troy ounce as of 19:40 GMT on COMEX today. March contract for silver tumbled 1.1% to $16.93 per ounce. Spot price for platinum was almost flat at $948.7 per ounce, while palladium surged 1.96% to $1,027.74 per ounce.

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