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Metals Resilient Despite Soaring Dollar

October 22, 2015 at 20:46 by Vladimir Vyun

Gold was flat today despite the soaring dollar. Other metals actually managed to rally even though strength of the US currency hurts the market of metals usually.

The reason for the dollar’s gains was comments from Mario Draghi, President of the European Central Bank. He left monetary policy unchanged at today’s meeting but hinted that an expansion of monetary stimulus in December is very likely. This pushed the euro down while helping the greenback to surge.

Yet the bad news did little to hurt metals (though prevented gold from rallying). The resilience of the market made traders speculate that the bearish phase is over and bulls should expand their long positions.

Futures for delivery of gold in December were little changed at $1,166 per troy ounce as of 20:39 GMT on COMEX today. Meanwhile, contract for silver gained 0.76 percent to $15.83 per ounce. Spot price for platinum rose 0.64 percent to $1,011.3 per ounce. Palladium added as much as 1.39 percent to trade at $686.15 per ounce. December copper edged up 0.89 percent to $2.3815 per pound.

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