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Metals Bounce After Drop of US Consumer Confidence

April 28, 2015 at 17:24 by Vladimir Vyun

The weakness of the US dollar had its positive impact on gold after all, allowing the metal to bounce after the earlier drop. Other precious metals joined the rally as well as copper that has been in decline too. The greenback weakened after the Conference Board consumer confidence showed a sudden drop this month even though experts predicted an improvement.

Gold also gained on speculations that China is hoarding bullion in an effort to bolster its currency. The world’s second biggest economy wants to reduce its reliance on the dollar for international trade and make the yuan a viable competitor. Diversifying is portfolio of assets and getting rid of some of the fiat-currency reserves can help the Asian nation in that endeavor.

June futures for delivery of gold climbed 0.81 percent to $1,212.90 per troy ounce as of 17:18 GMT on COMEX today. July contract for sliver jumped as much as 1.13 percent to $16.63 per ounce. Spot price for platinum advanced 0.93 percent to $1,158.63 per ounce, and palladium gained 0.15 percent to $781.05 per ounce. July copper went up 0.36 percent to trade at $2.7870 per pound.

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