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Metals Rally After US GDP Disappoints, Driving Dollar Lower

April 26, 2019 at 15:17 by Vladimir Vyun

Prices for metals rose today after the US dollar dropped, hurt by the gross domestic product report. Commodities priced in the US currency tend to rally when the greenback declines.

US GDP climbed 3.2% in the first quarter of this year from the previous three months, accelerating its growth compared to the prior quarter and beating expectations. But while the headline figure was good, details were not so hot. Economists argued that they revealed that the economic growth was driven mainly by temporary factors and did not reflect the underlying health of the US economy.

June contract for delivery of gold rallied 0.71% to $1,288.8 per troy ounce as of 14:47 GMT on COMEX today. July contract for silver advanced 0.8% to $15.08 per ounce. Spot price for platinum climbed 1.31% to $898.79 per ounce, while palladium surged as much as 2.36% to $1,450.79 per ounce. Copper for delivery in July rose 0.8% to $2.8905 per pound.

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