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Metals Decline After Fed Cooled Bets on Interest Rate Cut

May 2, 2019 at 14:54 by Vladimir Vyun

Gold declined today, heading to the lowest settlement since December. Other metals dropped as well, with the exception of palladium. The metals market was hurt by the rally of the US dollar that followed yesterday’s monetary policy meeting of the Federal Reserve. Initially, the currency dipped after the Fed left interest rate unchanged and reiterated that it will have patient approach in determining its future policy actions. But the greenback jumped sharply after Fed Chairman Jerome Powell cooled bets on a rate cut, saying that he sees no case for interest rates moving in either direction in the near future. Now, traders wait for tomorrow’s nonfarm payrolls.

Contract for delivery of gold in June lost 1.17% of its value to $1,269.2 per troy ounce as of 14:34 GMT on COMEX today. Silver for delivery in July dropped 0.94% to $14.59 per ounce. Spot price for platinum slumped as much as 1.78% to $851.13 per ounce. At the same time, palladium advanced 0.35% to $1,357.19 per ounce. July copper dropped 0.7% to trade at $2.782 per pound.

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