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Metal Prices Remain Depressed Due to Strong Dollar

October 18, 2017 at 18:23 by Vladimir Vyun

Prices for precious metals remained depressed today as the US dollar continued to receive support from monetary tightening expectations. Unlike yesterday, spot prices for platinum and palladium also logged losses, and pretty substantial at that.

The dollar had a bit of a setback in the form of disappointing housing data released during the current trading session. Yet the report is unlikely to affect plans of the Federal Reserve policy makers. And most of them were making it clear in their comments that monetary tightening will most likely continue in the future. That is positive to the US currency and negative for dollar-denominated assets.

December contract for delivery of gold slipped 0.2% to $1,283.6 per troy ounce as of 18:19 GMT on COMEX today. Silver ticked down 0.09% to $17.02 per ounce. Spot price for platinum slumped 1.48% to $920.85 per ounce, while palladium tumbled as much as 2.3% to $959.83 per ounce.

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

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