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Metals Rally Ahead of ECB

September 12, 2019 at 9:52 by Vladimir Vyun

Gold rose today, and other precious metals joined the rally. Market experts speculated that the rally was just a result of short-covering ahead of the European Central Bank monetary policy meeting later today. Market participants expect the ECB to make its policy more accommodative, a move that will likely boost the US dollar. And that is not a good outlook for metals priced in the greenback. At the same time, economists expect today’s data to show a slowdown of US consumer inflation from 0.3% in July to 0.1% in August, which may limit an advance of the dollar.

Gains of bullion were limited by the positive market sentiment caused by signs of improving relations between the United States and China. The same optimistic sentiment boosted copper.

Futures for delivery of gold in December rallied by $8.20 (0.55%) to $1,511.40 per troy ounce as of 9:47 GMT on COMEX today. Contract for silver advanced by $0.13 (0.69%) to $18.30 per ounce. Spot price for platinum was up by $9.65 (1.02%) to $954.16 per ounce, and palladium jumped by $23.62 (1.50%) to $1,599.30 per ounce. Copper for delivery in December rallied by $0.0415 (1.59%) to $2.6560 per pound.

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

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