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Metal Market Rally on Outlook for Prolonged Fed Stimulus

November 15, 2013 at 0:13 by Vladimir Vyun

Metals continued to rally on speculations that the US Federal Reserve will keep its monetary stimulus in place for a prolonged period of time. Fed Chairman nominee Janet Yellen said:

I consider it imperative that we do what we can to promote a very strong recovery. It’s important not to remove support, especially when the recovery is fragile and the tools available to monetary policy, should the economy falter, are limited given that short-term interest rates are at zero.

Poor economic reports from the United States supported the view that it is too early to remove stimulating measures.

Copper also gained as global inventories were dwindling. Previously, the metal was falling as output from China rose.

December contract for delivery of gold rallied $0.5 (0.04 percent) to $1,286.8 per troy ounce as of 00:09 GMT on COMEX today. Futures for silver advanced $0.02 (0.11 percent) to $20.75 per ounce. March copper rose $0.0060 (0.19 percent) to $3.1665 per pound.

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