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Metal Market in Bullish Mode

February 26, 2015 at 12:00 by Vladimir Vyun

The metal market was in a bullish mode today. Gold and silver demonstrated big gains while platinum and palladium rallied too, unlike during the previous trading session. Not only precious metals were on the rise as copper advanced as well.

There was couple of reasons for gains of metals. One of them is the prospects for a delayed interest rate hike from the Federal Reserve. Metals also rallied as China’s markets reopened after the holiday season. Talking about China, the manufacturing index of the Asian country demonstrated a reading above the neutral 50.0 level unexpectedly — a good sign for metals, particularly industrial ones.

April futures for gold advanced 1.14 percent to $1,218.50 per troy ounce as of 11:54 GMT on COMEX today. May contract for silver gained 2.16 percent to $16.83 per ounce. Spot price for platinum went up 1.39 percent to $1,187.75 per ounce, and price for palladium rose 0.64 percent to $813.75 per ounce. May copper added as much as 2.23 percent to its value and traded at $2.7025 per pound.

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

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