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Metals Gain as Dollar Corrects After Fed-Infused Rally

May 3, 2018 at 9:59 by Vladimir Vyun

Metals gained today after the US dollar entered a correction mode. The greenback traded broadly lower after yesterday’s rally as traders were booking profits. The currency reacted violently to the policy announcement from the Federal Reserve yesterday, slumping initially, but ultimately ending the session higher.

Over the longer term, though, gold is under threat from seemingly lackluster demand. World Gold Council said in the report released today:

Gold demand of 973.5t was the lowest Q1 since 2008. The main cause was a fall in investment demand for gold bars and gold-backed ETFs, partly due to range-bound gold prices.

June contract for delivery of gold gained 0.62% to $1,313.7 per troy ounce as of 9:50 GMT on COMEX today. July silver jumped 1.01% to $16.54 per ounce. Copper surged as much as 1.58% to trade at $3.117 per pound.

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