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Metals Rally as Dollar Weakens, Gold Doesn’t Join

August 16, 2018 at 17:52 by Vladimir Vyun

Futures for metals priced in the US dollar gained today as the greenback weakened. Yet gold did not join the rally, still hanging near the lowest level since January 2017.

The US currency declined during the Thursday session due to the improving market sentiment. Traders felt less need to buy safer assets after the news about Qatar investing in Turkey and renewal of trade talks between the United States and China.

Over the recent months, it looked like gold has lost its appeal as a safe haven, and investors preferred to use the dollar and US Treasuries as a hedge against risks. Yet it seems that bullion is unable to find demand even as risk aversion subsides.

Futures for delivery of gold in December fell 0.12% to $1,183.6 per troy ounce as of 17:36 GMT on COMEX today. At the same time, September contract for silver jumped 1.74% to $14.71 per ounce. Spot price for platinum rallied 2.18% to $785.4 per ounce. Palladium surged as much as 5.87% to $893.85 per ounce. Copper for delivery in September climbed 2.27% to $2.618 per pound.

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